The causal relationship between financial development and real sector in sub-Saharan Africa (1986–2015)

Taiwo Akinlo1
1Department of Economics, Adeyemi College of Education, Ondo, Nigeria

Tóm tắt

Từ khóa


Tài liệu tham khảo

Adeusi SO, Aluko OA (2015) Relevance of financial sector development on real sector productivity: 21st century evidence from Nigerian industrial sector. Int J Acad Res Bus Soc Sci 5(6):118–132. ISSN: 2222-6990

Allen Franklin, Elena Carletti, Douglass Gale (2009) Interbank market liquidity and central bank intervention. J Monet Econ 56(5):639–652

Arellano M, Bond S (1991) Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Rev Econ Stud 58(2):277–297

Arestis Philip, Demetriades Panicos (1997) Financial development and economic growth: assessing the evidence. Econ J 107:783–799

Atindehou RB, Gueyie JP, Amenounve EK (2005) Financial intermediation and economic growth: evidences from Western Africa. J Appl Financ Econ 15(11):777–790

Azam Jean Paul, Fosu Augustin, Ndung NjugunaS (2002) Explaining slow growth in Africa. Afr Dev Rev 14(2):177–220

Beck Thorsten, Levine Ross, Loayza Norman (2000) Finance and the sources of growth. J Financ Econ 58:261–300

Bencivenga Valerie R, Smith Bruce D (1991) Financial intermediation and endogenous growth. Rev Econ Stud 58(2):195–209

Bhatt Vinayak Vijayshanker (1995) Financial systems, innovation, and development. London Sage, New Delhi

Blum D, Federmair K, Fink G, Haiss P (2002) The financial-real sector nexus: theory and empirical evidence. IEF Working Paper No. 43

Bolton P, Tano S, Scheinkman J (2011) Cream skimming in financial markets. National Bureau of Economic Research Working paper no. 16804

Breitung J (2000) The local power of some unit root tests for panel data. In: Baltagi B (ed) Advances in econometrics, vol. 15: nonstationary panels, panel cointegration, and dynamic panels. JAI Press, Amsterdam, pp 161–178

Castelló-Climen Amparo (2010) Inequality and growth in advanced economies: an empirical investigation. J Econ Inequal 8(3):293–321

Cecchetti S, Kharroubi E (2012) Reassessing the impact of finance on growth. Bank for international settlements working paper no. 381

Chen Pei-Fen, Lee Chien-Chiang, Chiu Yi-Bin (2013) The nexus between defence expenditure and economic growth: new global evidence. Econ Model 36(2014):474–483

Collier Paul, Gunning JW (1999) The IMF’s role in structural adjustment. Econ J 109(459):634–651

Dehkordi SR, Sameti IM, Dehkordi SR (2012) Analysing the long run interrelation between banking system and real sector function in Iran economic through simulation of capital adequacy index. Econ Finance Rev 2(6):68–76

Easterly William, Levine Ross (1997) Africans growth tragedy: policies and ethnic divisions. Q J Econ 112(4):1203–1250

Gennaioli Nicola, Andrei Shleifer, Robert Vishny (2012) Neglected risks, financial innovation, and financial fragility. J Financ Econ 104(3):452–468

Gerschenkron Alexander (1962) Economic backwardness in historical perspective: a book of essays. Harvard University Press, Camebridge

Graff Michael (2000) Finanzielle Entwicklung und reales Wirtschaftswachstum (Financial development and economic growth). Mohr (Paul Siebeck), Tübingen

Gurley John, Shaw ES (1955) Financial aspects of economic development. Am Econ Rev 45(3):515–538

Holtz-Eakin Douglas, Newey Whitney, Rosen H (1988) Estimating vector autoregressions with panel data. Econometrica 56:1371–1395

Im KS, Pesaran H, Shin Y (2003) Testing unit roots in heterogeneous panels. J Econom 115:53–74

International Monetary Fund (2010) Regional economic outlook: Sub-Saharan Africa: back to high growth?. International Monetary Fund, Washington

Kablan S (2010) Banking efficiency and financial development in Sub-Saharan Africa. IMF Working Paper 10/136. International Monetary Fund, Washington

Kiprop Mercy, Aquilars Kalio, Lawrence Kibet, Symon Kiprop (2015) Effect of financial development on economic growth in Kenya: evidence from time series analysis. Eur J Bus Soc Sci 3(11):62–78

Levin A, Lin C-F, Chu C-SJ (2002) Unit root tests in panel data: asymptotic and finite-sample properties. J Econom 108(1):1–24

Lucas RobertE (1988) On the mechanics of economic development. J Monet Econ 22(1):3–42

Maddala Gangadharrao Soundalyarao, Wu Shaowen (1999) A comparative study of unit root tests with panel data and a new simple test. Oxf Bull Econ Stat 61:621–652

McDonald C, Schumacher L (2007) Financial deepening in Sub-Saharan Africa: empirical evidence of the role of creditor rights protection and information sharing. IMF Working Paper 07/203. International Monetary Fund, Washington

McKinnon Ronald I (1973) Money and capital in economic development. Brookings Institution, Washington

Monnin Pierre, Jokipii Terhi (2010) The impact of banking sector stability on the real economy. Swiss National Bank, Zurich

Murphy Kevin, Andrei Shleifer M, Vishny Robert W (1991) The allocation of talent: implications for growth. Q J Econ 106(2):503–530

Ncube Mthuli (2007) Financial services and economic development in Africa. J Afr Econ 16(1):13–57

Odhiambo Nicholas (2008) Financial development in Kenya: a dynamic test of the finance-led growth hypothesis. Econ Issues 13(2):21–36

Odhiambo Nicholas (2009) Interest rate reforms, financial deepening and economic growth in Kenya: an empirical investigation. J Dev Areas 45(1):295–313

Patrick Hugh (1966) Financial development and economic growth in underdeveloped countries. Econ Dev Cult Change 14:174–189

Philippon Thomas (2010) Financiers versus engineers: should the financial sector be taxed or subsidized? Am Econ J Macroecon 2(3):158–182

Puddu S (2010) Real sector and banking system: real and feedback effects. A non-linear Var approach. HEC Lausanne, Lausanne

Rehman Abdur, Cheema Ahmed Raza (2013) Financial development and real sector growth in Pakistan. Interdiscip J Contemp Res Bus 5(1):618–636

Sachs Jeffrey D, Warner Andrew M (1997) Sources of slow growth in African economies. J Afr Econ 6(3):335–376

Samsi Siti Muliana, Zarinah Yusof, Cheong Kee-Cheok (2012) Linkages between the real sector and the financial sector: the case of Malaysia. Asian Acad Manag J Account Finance 8(1):93–113

Sanusi LS (2011) Growing Nigeria’s real sector for employment and economic development: the role of Central Bank of Nigeria. Paper delivered at the Inaugural Memorial Lecture in honour of Late Professor Okefie Uzoaga held on July, 12 at University of Nigeria, Nsukka, Enugu State

Schmidt-Hebbel Klaus, Serven L (2000) Does income inequality raise aggregate saving? J Dev Econ 61(2000):417–446

Schumpeter Joseph A (1911) The theory of economic development. Harvard University Press, Cambridge

Sendeniz-Yuncu İ, Levent A, Kürşat A (2006) Interdependence of the banking sector and the real sector. Evidence from OECD countries. Faculty of Business Administration, Bilkent University, Bilkent, 06800, Turkey

Shan Jordan, Jianhong Qi (2006) Does financial development ‘lead’ economic growth? The Case of China. Ann Econ Finance 1:197–216

Shaw Edward S (1973) Financial deepening in economic development. Oxford University Press, New York

WDI (2017) World Bank Data 2017