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Financial Development and Economic Growth: Time Series Evidence from Egypt Author info | Abstract | Publisher info | Download info | Related research | Statistics Abu-Bader, Suleiman
Abu-Qarn, Aamer
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This paper examines the causal relationship between financial development and economic growth in Egypt during the period 1960-2001 within a trivariate VAR setting. We employ four different measures of financial development and apply Granger causality tests using the cointegration and vector error correction methodology. Our results significantly support the view that financial development Granger-causes economic growth either through increasing investment efficiency or through increasing resources for investment. This finding suggests that the financial reforms launched in 1990 can explain the rebound in economic performance since then and that further deepening of the financial sector is an important instrument to stimulate saving/investment and therefore long-term economic growth.
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
1113.
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Date of creation: 2005Date of revision:
Handle: RePEc:pra:mprapa:1113Contact details of provider: Postal: Schackstr. 4, D-80539 Munich, Germany Phone: +49-(0)89-2180-2219 Fax: +49-(0)89-2180-3900 Web page: http://mpra.ub.uni-muenchen.de More information through EDIRC
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Keywords: Financial development Economic growth Egypt Granger causality Error-correction models Cointegration Other versions of this item:
Find related papers by JEL classification: G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Nevine Mokhtar Eid, 2008.
"Financial Development: A Pre-Condition for Foreign Direct Spillover Effects in Egypt ,"
Working Papers
12, The German University in Cairo, Faculty of Management Technology.
[Downloadable!]
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