Financial development and economic growth in the Middle East

Mouawiya Al-Awad and Nasri Harb ()
Authors registered in the RePEc Author Service: Mouawiya Al Awad

Applied Financial Economics, 2005, vol. 15, issue 15, 1041-1051

Abstract: This paper investigates the linkages between financial development and economic growth in the Middle East using newly developed methods of panel cointegration along with the popular time series methodologies such as the Johansen's cointegration, Granger causality, and the variance decompositions. The results indicate that, in the long run financial development and economic growth may be related to some level. In the short run, the panel causality tests point to real economic growth as the force that drives changes in financial development while individual countries' causality tests fail to give a clear evidence of the direction of causations.

Date: 2005
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DOI: 10.1080/09603100500120639

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