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Financial Development and Economic Growth in a Natural Resource Based Economy: Evidence from Angola

Yuri Quixina () and Álvaro Almeida ()
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Yuri Quixina: Faculdade de Economia, Universidade do Porto
Álvaro Almeida: CEF.UP and Faculdade de Economia, Universidade do Porto

FEP Working Papers from Universidade do Porto, Faculdade de Economia do Porto

Abstract: This paper analyzes the relationship between financial development and economic growth in Angola, an economy heavily dependent on natural resources. We extend existing literature by treating separately the oil and non-oil sectors of the economy. We test for Granger causality between three variables – oil revenues, non-oil GDP and financial development – for the Angolan economy for the period 1995-2012. The results show that the oil sector has been the great engine of Angolan economic growth, since we identified Granger causality from oil revenues to the other two variables, but none of these variables Granger causes oil revenues. On the other hand, financial development does not seem to have a significant role in economic growth in Angola: it does not Granger-cause either oil revenues or non-oil GDP, even though it is Granger-caused by both variables.

Keywords: Financial Development; Economic Growth; Natural Resources; Angola (search for similar items in EconPapers)
JEL-codes: E44 O16 O43 Q32 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2014-09
New Economics Papers: this item is included in nep-afr, nep-ene, nep-fdg and nep-gro
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