Financial development and economic growth: literature survey and empirical evidence from sub-Saharan African countries
South African Journal of Economic and Management Sciences
| Field | Value | |
| Title | Financial development and economic growth: literature survey and empirical evidence from sub-Saharan African countries | |
| Creator | Acaravci, Songul Kakilli Ozturk, Ilhan Acaravci, Ali | |
| Description | In 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. | |
| Publisher | AOSIS Publishing | |
| Date | 2011-08-12 | |
| Identifier | 10.4102/sajems.v12i1.258 | |
| Source | South African Journal of Economic and Management Sciences; Vol 12, No 1 (2009); 11-27 2222-3436 1015-8812 | |
| Language | eng | |
| Relation |
The following web links (URLs) may trigger a file download or direct you to an alternative webpage to gain access to a publication file format of the published article:
https://sajems.org/index.php/sajems/article/view/258/81
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