Compte capital et développement financier en Tunisie: Causalité et relation de long terme

Mohamed Ilyes Gritli and Serge Rey
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Mohamed Ilyes Gritli: FSEGT - Faculté des Sciences Economiques et de Gestion de Tunis - UTM - Tunis El Manar University [University of Tunis El Manar] [Tunisia] = Université de Tunis El Manar [Tunisie] = جامعة تونس المنار (ar), CATT - Centre d'Analyse Théorique et de Traitement des données économiques - UPPA - Université de Pau et des Pays de l'Adour

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Abstract: Much research has focused on the relationship between financial development and growth, on the one hand, and the relationship between financial integration and economic development, on the other. However, the link between capital account liberalization and financial development remains limited, particularly for the Middle East and North African countries. The purpose of this article is to propose an empirical analysis of this relationship in the case of Tunisia, a country that has chosen for several decades to gradually open up to foreign capital. The econometric study carried out over the period 1986-2014 using a Toda-Yamamoto long-term causality model in conjunction with an ARDL model showed that the capital account openness did indeed have a positive effect on long-term financial development. This result is robust to several specifications of the autoregressive model and to alternative measures of financial development. Nevertheless, the short-term impact of the capital account openness is more limited, especially when considering the effects on the stock market.

Keywords: Tunisia; capital account; ARDL; financial development; causality; développement financier; compte capital; Tunisie; modèle ARDL; causalité (search for similar items in EconPapers)
Date: 2019-12
New Economics Papers: this item is included in nep-ara and nep-fdg
Note: View the original document on HAL open archive server: https://univ-pau.hal.science/hal-02442671v1
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Published in Actualite Economique, 2019, 95 (4)

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Journal Article: Compte capital et développement financier en Tunisie: Causalité et relation de long terme (2019)
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