 Financial Development, Institutions and Economic Growth in North African CountriesImen Mohamed Sghaier Romanian Economic Journal, 2018, vol. 21, issue 69, 53-72 Abstract: This paper investigates the relationships between financial development (FD), institutions and economic growth on a panel of four North African countries (Tunisia, Morocco, Algeria and Egypt), over a 5-year period from 1996 to 2015. Using the dynamic generalized method of moments (GMM) in a panel data analysis, we found that FD has a positive effect on economic growth. We also found that institutions appear to be working as a complement to FD and, that the effect of FD is more pronounced in the presence of the institutional quality variable. As a policy implication, we recommend that policy makers place special importance on implementing policies that result in the deepening of financial systems, including a sound institutional framework. Thus, by promoting the development of a country’s financial system, economic growth will be accelerated. Keywords: financial development; institutions; economic growth; Panel data analysis. (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:rej:journl:v:21:y:2018:i:69:p:53-72 Access Statistics for this article Romanian Economic Journal is currently edited by Ioan Popa, PhD More articles in Romanian Economic Journal from Department of International Business and Economics from the Academy of Economic Studies Bucharest Contact information at EDIRC. |
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