Financial development and economic growth nexus in the MENA countries: Bootstrap panel granger causality analysis

被引:267
作者
Kar, Muhsin [1 ,2 ]
Nazlioglu, Saban [3 ]
Agir, Huseyin [4 ]
机构
[1] Cukurova Univ, Dept Econ, Adana, Turkey
[2] Econ Res Forum, Cairo, Egypt
[3] Erciyes Univ, Inst Social Sci, Kayseri, Turkey
[4] Kahramanmaras Sutcu Imam Univ, Dept Econ, Kahramanmaras, Turkey
关键词
Financial development; Economic growth; MENA countries; Panel causality; Bootstrap; INTERMEDIATION; MARKETS;
D O I
10.1016/j.econmod.2010.05.015
中图分类号
F [经济];
学科分类号
02 ;
摘要
This paper investigates the direction of causality between financial development and economic growth in the Middle East and North African (MENA) countries. The panel causality testing approach, developed by Konya (2006) [Konya, L (2006), exports and growth: Granger causality analysis on OECD countries with a panel data approach, Economic Modelling, 23, 978-992], based on the Seemingly Unrelated Regressions and Wald tests with the country specific bootstrap critical values, is applied to the panel of fifteen MENA countries for the period 1980-2007. In order to capture the different aspects of financial development, six different indicators are used. Empirical results show that there is no clear consensus on the direction of causality between financial development and economic growth for all measurements of financial development and it is also observed that the findings are country specific. (C) 2010 Elsevier B.V. All rights reserved.
引用
收藏
页码:685 / 693
页数:9
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