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Financial development, trade openness and economic growth in MENA countries: TYDL panel causality approach

Hicham Ayad and Mostéfa Belmokaddem
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Hicham Ayad: University of Abu Bakr Belkaid Tlmecen, Algeria
Mostéfa Belmokaddem: University of Abu Bakr Belkaid Tlmecen, Algeria

Theoretical and Applied Economics, 2017, vol. XXIV, issue 1(610), Spring, 233-246

Abstract: This paper examines the causal relationship between financial development (measured as Kaopen index and Line and Milesi-Ferreti index), trade openness and economic growth for 16 MENA countries within the panel co-integration techniques, panel VAR model and TYDL (Toda, Yamamoto, Dolado and Lutkepohl) Granger causality (1996), the empirical results show that both of finance-led growth and trade-led growth hypothesis seem to be rejected for the group as a whole. The results imply that financial development and trade liberalization do not seem to have made a significant impulse on economic growth for the period 1980-2014.

Keywords: Financial development; Trade openness; Kaopen index; Milesi-Ferreti index; TYDL Granger causality. (search for similar items in EconPapers)
Date: 2017
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