The model examines the periods of financial repression and of financial liberalization. The results suggest that though the real interest rate has insignificant impact overall, it is mixed for the two periods under consideration. Whereas, its impact on financial deepening is negative during the period of financial repression, it exerts a small but positive impact on financial development during the period of financial liberalization. The relationship between financial deepening and economic growth appears to be surprisingly negative and significant overall and during the period of financial liberalization but insignificant during financial repression.

The results from the tests for causality suggest that financial deepening and economic growth are however independent in Tanzania. Copyright © 2000 John Wiley & Sons, Ltd.

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Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

Volume (Year): 12 (2000)
Issue (Month): 7 ()
Pages: 939-950
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Handle: RePEc:wly:jintdv:v:12:y:2000:i:7:p:939-950

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