Did banks and financial markets developments lead to economic growth in MENA region? Evidence from Dynamic panel data estimation

Helmi Hamdi and Abdelaziz Hakimi

MPRA Paper from University Library of Munich, Germany

Abstract: This study examines the consequences of banks and stock markets developments on economic growth for eleven Middle Eastern and North African (MENA) countries for the period from 1995 to 2010. We perform dynamic panel data estimation and we use GMM estimator as suggested by Arellano and Bond (1991). The overall results suggest a positive relationship between banking and financial developments and economic growth. The results reveal that stock markets in MENA countries are still at an early stage of development and the sector needs the implementation of deep policy reforms to attract investors and to promote the contribution of the financial market in economic development.

Keywords: Financial development; Economic growth; MENA; Dynamic Panel Data (search for similar items in EconPapers)
JEL-codes: E44 G20 O16 (search for similar items in EconPapers)
Date: 2015-05-12
New Economics Papers: this item is included in nep-ara, nep-cfn, nep-fdg, nep-fmk and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:64310

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