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Finance and Growth in Africa: The Broken Link

Panicos Demetriades () and Gregory James ()

No 11/17, Discussion Papers in Economics from Division of Economics, School of Business, University of Leicester

Abstract: Utilizing the latest panel cointegration methods we provide new empirical evidence from 18 countries that suggests that the link between finance and growth in Sub-Saharan Africa is ‘broken’. Specifically, our findings suggest that banking system development in this region follows economic growth. They also indicate that there is no link between bank credit and economic growth.

Keywords: Panel cointegration; cross-sectional dependence; African financial under-development; African credit markets (search for similar items in EconPapers)
JEL-codes: G21 O16 (search for similar items in EconPapers)
Date: 2011-01
New Economics Papers: this item is included in nep-afr, nep-ban, nep-dev, nep-fdg and nep-pke
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