Acaravci, S.K.Öztürk, İlhanAcaravci, A.12.07.20192019-07-1212.07.20192019-07-1220091015-8812https://hdl.handle.net/20.500.12507/465In this paper we review the literature on the finance-growth nexus and investigate the causality between financial development and economic growth in sub-Saharan Africa for the period 1975-2005. Using panel co-integration and panel GMM estimation for causality, the results of the panel co-integration analysis provide evidence of no long-run relationship between financial development and economic growth. The empirical findings in the paper show a bi-directional causal relationship between the growth of real GDP per capita and the domestic credit provided by the banking sector for the panels of 24 sub-Saharan African countries. The findings imply that African countries can accelerate their economic growth by improving their financial systems and vice versa.eninfo:eu-repo/semantics/closedAccessFinancial developmentGrowthPanel causalitySub-Saharan AfricaReview Article12111272-s2.0-77949947465Q2