Développement financier, instabilité financière et croissance économique

Sylviane Guillaumont Jeanneney () and KPODAR Kangni ()
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KPODAR Kangni: Fonds Monétaire International

No 200413, Working Papers from CERDI

Abstract: This paper tries to take into account two contrasted points of view that can be found the literature: the first one showing that financial development has a positive effect on economic growth, and the second one stressing the unfavourable effect of financial crisis. Our main assumption is that financial instability is positively correlated with financial development. Therefore, the favourable impact of financial development on economic growth is reduced. Theoretical arguments are presented to support this assumption, which is tested successfully on a sample of developing countries over the period 1966-2000. This suggests that a policy of financial liberalization, intending to promote financial development, should be implemented in a suitable political and economic environment.

Keywords: Financial Development; economic growth (search for similar items in EconPapers)
Date: 2004

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Working Paper: Développement financier, instabilité financière et croissance économique (2004)
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Persistent link: http://EconPapers.repec.org/RePEc:cdi:wpaper:625

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