Finance-Growth Nexus: Evidence from a Dynamic Panel Model on ECOWAS Countries

Toussaint Houeninvo () and Germain Lankoande
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Toussaint Houeninvo: Country Economics Department, African Development Bank
Germain Lankoande: National School of Applied Statistics and Economics

A chapter in The Palgrave Handbook of Africa’s Economic Sectors, 2022, pp 343-379 from Springer

Abstract: Abstract This chapter evaluates the effect of financial development (as a credit to the private sector) on economic growth in the Economic Community of West African States (ECOWAS) member countries and assesses whether belonging to a monetary union makes a difference. It uses panel data over the period 1960–2018 and applies a generalized method of moments (GMM) model as the econometric technique. The findings indicate that credit to the private sector has a positive impact on economic growth and that there is no specific effect of monetary union. The chapter adds to the slim body of empirical studies on West Africa.

Keywords: Financial development; Economic growth; ECOWAS countries; Generalized Method of Moments (search for similar items in EconPapers)
JEL-codes: G21 O16 O40 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-75556-0_13

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DOI: 10.1007/978-3-030-75556-0_13

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