International Centre for Economic Research Working Paper Series
نویسنده
چکیده
This paper presents an empirical analysis of the controversial relationship between financial system development and economic development. Using cointegration and VAR estimations on annual data from Africa, we examine the nature of the relationship between financial development and income. We find mixed results on both the short and the long-run relationships between the two variables. We find finance causing income, income causing finance, and bi-directional causality. The results indicate that neither the short-run effects nor the long-run relationship seem to linearly depend on the level of financial development or the stage of development. JEL Codes: E44, O16, G20 ________________________________ * Professor of Economics (Coggin College of Business, University of North Florida, 1 UNF Drive, Jacksonville, FL 32224, USA. Phone: +1-904-620-1223, Email: [email protected]), and ICER Fellow.
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This paper is one of a series of reports supported by the UK " s Department for International Development (DFID) and the International Development Research Centre (IDRC). However, the views expressed in this paper are those of the author and do not necessarily represent those of IDRC, its Board of Governors, or DFID.
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