From Financial Development to Economic Growth and Vice Versa: A Review of International Experience and Policy Lessons for Africa

Laurence Harris

Journal of African Economies, 2012, vol. 21, issue suppl_1, -i106

Abstract: A large body of econometric studies in the past two decades has yielded considerable knowledge of the connection between financial development and economic growth, as experienced by a wide range of countries. A consensus view that financial development positively conditions or promotes economic growth emerged at an early stage. This paper argues that the evidence does not, however, provide a strong basis for policy in Africa, or, indeed, in specific countries elsewhere. Copyright 2012 , Oxford University Press.

Date: 2012
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