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A note on the effect of financial development on economic growth

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  • Emmanuel Lartey

Abstract

A common result from the literature has been a positive monotonic effect of financial development on growth. This article presents an empirical investigation of the financial development-economic growth relationship by estimating a variant model to those in Levine et al. (2000) while allowing for the coefficient on the financial development index to vary by the level of financial development. Using dynamic panel techniques, coefficient estimates suggest that the exogenous component of financial development has a positive effect on economic growth and does not vary with the level of financial development.

Suggested Citation

  • Emmanuel Lartey, 2010. "A note on the effect of financial development on economic growth," Applied Economics Letters, Taylor & Francis Journals, vol. 17(7), pages 685-687.
    • Handle: RePEc:taf:apeclt:v:17:y:2010:i:7:p:685-687
    DOI: 10.1080/13504850802297897
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    Cited by:

    1. Fatma MABROUK & Jacob ODUOR & Abebe SHIMELES, 2015. "Remittances and Youth Labor Market Participation in Africa," Cahiers du GREThA (2007-2019) 2015-32, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    2. Ben Jedidia, Khoutem & Boujelbène, Thouraya & Helali, Kamel, 2014. "Financial development and economic growth: New evidence from Tunisia," Journal of Policy Modeling, Elsevier, vol. 36(5), pages 883-898.
    3. Komivi Afawubo & Vincent Fromentin, 2013. "Financial development and economic growth: the case of ECOWAS and WAEMU," Economics Bulletin, AccessEcon, vol. 33(3), pages 1715-1722.
    4. MESAGAN Ekundayo & OLUNKWA Ndubuisi & YUSUF Ismaila, 2018. "Financial Development And Manufacturing Performance: The Nigerian Case," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 13(1), pages 97-111, December.
    5. Shujaat Naeem Azmi & Shakeb Akhtar, 2023. "Interactions of services export, financial development and growth: evidence from India," Quality & Quantity: International Journal of Methodology, Springer, vol. 57(5), pages 4709-4724, October.
    6. Sinan Esen & Korhan Gokmenoglu, 2016. "Financial Centres Index and GDP Growth," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(4), pages 198-206, April.

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