Importance of Financial Policies in Economic Growth in the CEMAC Zone: Panel Data Approach

Importance des Politiques Financières dans la Croissance Economique en zone CEMAC: Approche en Données de Panel

Roger Tsafack Nanfosso and Christian Nguena

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Abstract: This paper aims to evaluate the real impact of financial policies implemented in the CEMAC zone. To do this, we carried out a theoretical and empirical assessment of the level of importance of financial policies - in particular monetary policy, liberalization, financial and banking development - in economic growth in the CEMAC zone. The results of our econometric investigation highlight the fact that financial and banking development policies do indeed have a positive impact on economic growth in the CEMAC sub-region. Furthermore, commercial opening is greatly beneficial when it is simultaneously accompanied by financial deepening and vice versa. On the other hand, banking development has a negative impact but taken simultaneously with commercial opening it becomes favorable to growth. Aspects of financial policy oriented towards financial deepening and to a lesser extent banking development via banking regulation and supervision must therefore occupy the forefront in the policy applied in the sub-region.

Date: 2015-03
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Published in African Development Review, 2015, 27 (1), pp.52-66. ⟨10.1111/1467-8268.12122⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04228957

DOI: 10.1111/1467-8268.12122

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