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The Linkages Between Financial Deepening, Trade Openness, and Economic Growth in the West African Economic and Monetary Union (WAEMU)

Author

Listed:
  • Bernard Njindan Iyke
  • Theodore O. Antwi-Asare
  • Augustine F. Gockel
  • Emmanuel Nii Abbey

    (Deakin University)

Abstract

This paper examines the linkages between financial deepening, trade openness and economic growth in the West African Economic and Monetary Union (WAEMU). This is important because the literature on this crucial topic is scant in the case of WAEMU. The paper seeks to specifically examine whether by introducing trade openness into the finance-growth nexus, the causal direction will change. The paper uses a panel of eight (8) countries covering the period 1992 – 2009. It finds a distinct unidirectional causality flowing from financial deepening to economic growth via trade openness.

Suggested Citation

  • Bernard Njindan Iyke & Theodore O. Antwi-Asare & Augustine F. Gockel & Emmanuel Nii Abbey, 2016. "The Linkages Between Financial Deepening, Trade Openness, and Economic Growth in the West African Economic and Monetary Union (WAEMU)," The African Finance Journal, Africagrowth Institute, vol. 18(2), pages 93-116.
    • Handle: RePEc:afj:journl:v:18:y:2016:i:2:p:93-116
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    Citations

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    Cited by:

    1. Ho, Sin-Yu & Njindan Iyke, Bernard, 2018. "Short- and Long-term Impact of Trade Openness on Financial Development in Sub-Saharan Africa," MPRA Paper 84272, University Library of Munich, Germany.
    2. Sin-Yu Ho & Bernard Njindan Iyke, 2018. "Finance-growth-poverty nexus: a re-assessment of the trickle-down hypothesis in China," Economic Change and Restructuring, Springer, vol. 51(3), pages 221-247, August.

    More about this item

    Keywords

    Economic Growth; Financial Deepening; Granger Causality; Trade Openness; WAEMU.;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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