期刊
WORLD DEVELOPMENT
卷 37, 期 12, 页码 1849-1860出版社
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.worlddev.2009.05.008
关键词
financial markets; economic growth; openness; Hsiao's Granger causality; Sub-Saharan Africa; South Africa
This contribution tests for causality between financial deepening. trade openness, and economic development for 16 sub-Saharan African countries The Hsiao-Granger method is used to add to the existing empirical evidence. Only limited Support Is found for the popular hypothesis of finance-led growth. In general, the evidence indicates that financial deepening and trade openness have swayed economic development rather marginally In particular. the investigated countries have failed to benefit from financial deepening Development strategies prioritizing financial or trade sector development hence cannot be Supported (C) 2009 Elsevier Ltd All rights reserved
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