Financial Development and Economic Growth in the MENA Region

Hassan Hamadi () and Charbel Bassil
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Hassan Hamadi: Finance and Economics, Notre Dame University-Louaize

Comparative Economic Studies, 2015, vol. 57, issue 4, No 2, 598-622

Abstract: Abstract This paper investigates the impact of stock markets and banks on economic growth in the Middle East and North African (MENA) countries. The sample comprises a panel data from 13 MENA countries over the period 1988–2009. This paper uses recent GMM techniques developed for dynamic panels. The findings suggest that stock markets and banks positively influence economic growth in the MENA countries only during periods of stability. Our results are robust to several specifications and potential biases induced by simultaneity, omitted variables and unobserved country specific effects.

Keywords: stock markets; bank development; economic growth; MENA; unit root tests; dynamic panel GMM; C12; C23; G1; G2; O16 (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1057/ces.2015.21

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