Financial Development and Income in North Africa
International Advances in Economic Research, 2008, vol. 14, issue 4, 422-432
We explore the short-run dynamics and long-run relationship between income and financial development in Algeria, Egypt, and Morocco. We use co-integration and VECM models and four indicators of financial development. The empirical results indicate that there is a long-run relationship between income and each financial development indicator, except credit to the private sector in Algeria. On the other hand, Granger-causality test results indicate that the evidence on the direction of causality is mixed. Copyright International Atlantic Economic Society 2008
Keywords: North Africa; Financial development; Economic growth; VECM; Arab countries; E20; G40; G2 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:kap:iaecre:v:14:y:2008:i:4:p:422-432:10.1007/s11294-008-9176-5
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