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DeVELOPPEMENT FINANCIER, INSTABILITe FINANCIeRE ET CROISSANCE eCONOMIQUE : UN ReEXAMEN DE LA RELATION

Author

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  • Jude C. EGGOH

    (LEO, Universite d’Orleans)

Abstract

Cet article fournit une evaluation empirique de la relation entre le developpement financier et la croissance economique, en prenant en compte l’instabilite financiere. L’analyse porte sur un echantillon de 71 pays et couvre la periode 1960-2004. Les resultats obtenus à l aide d une analyse en coupe transversale et sur panel dynamique montrent une relation positive entre le developpement financier et la croissance à court et à long terme. Nous trouvons egalement que l instabilite financiere est sans incidence sur la croissance economique et sur le lien entre cette derniere et le developpement financier à long terme. Par contre, à court terme l instabilite financiere a un effet negatif aussi bien sur le taux de croissance economique que sur la relation entre le developpement financier et la croissance. Abstract - This paper provides an empirical analysis of the relationship between financial development and economic growth. Different measures of financial instability are implemented in the analysis. Using cross section and dynamic panel for 71 countries over the period 1960-2004, the results show that there exists a positive link between financial development and economic growth both in the short and long run. On the one hand, we find that financial instability does not affect economic growth, nor the link between the latter and financial development in the long-term. On the other hand, in the short run, financial instability has a negative impact not only on economic growth but also on finance-growth nexus.

Suggested Citation

  • Jude C. EGGOH, 2010. "DeVELOPPEMENT FINANCIER, INSTABILITe FINANCIeRE ET CROISSANCE eCONOMIQUE : UN ReEXAMEN DE LA RELATION," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 32, pages 9-30.
    • Handle: RePEc:tou:journl:v:32:y:2010:p:9-30
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    More about this item

    Keywords

    DeVELOPPEMENT FINANCIER; INSTABILITe FINANCIeRE; CROISSANCE eCONOMIQUE;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • 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
    • O50 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - General

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