THE FINANCE-GROWTH NEXUS IN SUB-SAHARAN AFRICA: PANEL COINTEGRATION AND CAUSALITY TESTS

被引：18

作者：

Fowowe, Babajide ^{[1
]}

机构：

[1] Univ Ibadan, Dept Econ, Ibadan, Nigeria

来源：

JOURNAL OF INTERNATIONAL DEVELOPMENT | 2011年 / 23卷 / 02期

关键词：

financial development; economic growth; panel cointegration; panel causality; UNIT-ROOT TESTS; ECONOMIC-GROWTH; INTERMEDIATION;

D O I：

10.1002/jid.1660

中图分类号：

F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];

学科分类号：

0201 ; 020105 ; 03 ; 0303 ;

摘要：

This paper examines the causal relationship between financial development and economic growth using data for 17 countries in Sub-Saharan Africa. The analysis is conducted using panel cointegration and causality tests which take account of heterogeneity between countries which arises as a result of different country intercepts and varying regression coefficients slopes across countries. The results show that there is homogenous bi-directional causality between financial development and economic growth. This result is robust to alternative measures of financial development and implies that for these Sub-Saharan African countries, both the real and financial sectors are complementary to each other and their simultaneous development should be encouraged. Copyright (C) 2010 John Wiley & Sons, Ltd.

引用

页码：220 / 239

页数：20