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Finance and Growth in Africa: The Broken Link

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  • Panicos O. Demetriades

    ()

  • Gregory A. James

    ()

Abstract

Utilizing the latest panel cointegration methods we provide new empirical evidence from 18 countries that suggests that the link between finance and growth in Sub-Saharan Africa is ‘broken’. Specifically, our findings suggest that banking system development in this region follows economic growth. They also indicate that there is no link between bank credit and economic growth.

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File URL: http://www.le.ac.uk/economics/research/repec/lec/leecon/dp11-17.pdf
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Bibliographic Info

Paper provided by Department of Economics, University of Leicester in its series Discussion Papers in Economics with number 11/17.

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Date of creation: Jan 2011
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Handle: RePEc:lec:leecon:11/17

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Keywords: Panel cointegration; cross-sectional dependence; African financial under-development; African credit markets;

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  1. Rafael E. De Hoyos & Vasilis Sarafidis, 2006. "Testing for cross-sectional dependence in panel-data models," Stata Journal, StataCorp LP, vol. 6(4), pages 482-496, December.
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Cited by:
  1. Ndiaye, Cheikh Tidiane & Bates, Samuel, 2013. "Analyzing Economic Growth From Structural Unobserved Component Modeling: The Case of Senegal," Economics Papers from University Paris Dauphine 123456789/12185, Paris Dauphine University.
  2. Rousseau, Peter L. & D’Onofrio, Alexandra, 2013. "Monetization, Financial Development, and Growth: Time Series Evidence from 22 Countries in Sub-Saharan Africa," World Development, Elsevier, vol. 51(C), pages 132-153.
  3. Gloede, Oliver & Rungruxsirivorn, Ornsiri, 2012. "Local Financial Development and Household Welfare: Microevidence from Thai Households," Proceedings of the German Development Economics Conference, Hannover 2010 38 [rev.], Verein für Socialpolitik, Research Committee Development Economics.

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