Finance-Growth Nexus in Africa: A Panel Generalized Method of Moments (GMM) Analysis

Michael Adusei

Asian Economic and Financial Review, 2013, vol. 3, issue 10, 1314-1324

Abstract: The paper uses the dynamic GMM Model to examine the finance-growth nexus with panel data (1981-2010) from 24 African countries. Evidence suggests that there is a positive relationship between finance and economic growth and that there is a bi-directional causal relationship between finance and economic growth. To the extent that financial development and economic growth Granger-cause each other, we assert that policies directed at any of the two , if efficiently and vigorously pursued, could be beneficial to the study countries.

Keywords: Africa; Financial development; Economic growth. (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:asi:aeafrj:v:3:y:2013:i:10:p:1314-1324:id:1091

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