期刊
ECONOMIC MODELLING
卷 37, 期 -, 页码 386-394出版社
ELSEVIER
DOI: 10.1016/j.econmod.2013.11.044
关键词
Financial development; Trade openness; Economic growth; Africa; Panel causality
类别
This paper examines the causal relationship between financial development and economic growth for 21 African countries within a framework which also accounts for international trade. We develop a financial development index based on four different financial development indicators and apply the panel bootstrapped approach to Granger causality. The empirical results show limited support for the finance-led growth and the trade-led growth hypotheses. The results imply that recent attempts at financial development and trade liberalization do not seem to have made a significant impact on growth. (C) 2013 Elsevier B.V. All rights reserved.
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