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Développement financier, instabilité financière et croissance économique

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Author Info

  • Sylviane GUILLAUMONT JEANNENEY

    (Centre d'Etudes et de Recherches sur le Développement International)

  • Kangni KPODAR

    (Centre d'Etudes et de Recherches sur le Développement International)

Abstract

Résumé : Cet article tente de concilier deux courants de la littérature, l’un qui montre l’effet favorable du développement financier sur la croissance économique, l’autre l’effet défavorable des crises financières. L’hypothèse centrale est que l’instabilité du développement financier croît avec celui-ci. Cette relation positive entre les deux phénomènes diminue l’impact favorable du développement financier sur la croissance. Plusieurs arguments théoriques sont présentés à l’appui de cette hypothèse, qui est ensuite testée avec succès sur un vaste échantillon de pays en développement durant la période 1966-2000. Cette analyse montre qu’une politique de libéralisation financière, destinée à promouvoir le développement financier, ne doit pas se faire dans n’importe quel environnement politique et économique.

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File URL: http://128.118.178.162/eps/mac/papers/0407/0407004.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0407004.

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Length: 40 pages
Date of creation: 05 Jul 2004
Date of revision:
Handle: RePEc:wpa:wuwpma:0407004

Note: Type of Document - pdf; pages: 40
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Web page: http://128.118.178.162

Related research

Keywords: Développement financier; Croissance économique;

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References

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  1. R Blundell & Steven Bond, . "Initial conditions and moment restrictions in dynamic panel data model," Economics Papers W14&104., Economics Group, Nuffield College, University of Oxford.
  2. Easterly, William, 1993. "How much do distortions affect growth?," Journal of Monetary Economics, Elsevier, vol. 32(2), pages 187-212, November.
  3. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
  4. Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June.
  5. Muhammad Arshad Khan & Abdul Qayyum & Saeed Ahmed Sheikh, 2005. "Financial Development and Economic Growth: The Case of Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 44(4), pages 819-837.
  6. Arellano, Manuel & Bover, Olympia, 1995. "Another look at the instrumental variable estimation of error-components models," Journal of Econometrics, Elsevier, vol. 68(1), pages 29-51, July.
  7. Christopoulos, Dimitris K. & Tsionas, Efthymios G., 2004. "Financial development and economic growth: evidence from panel unit root and cointegration tests," Journal of Development Economics, Elsevier, vol. 73(1), pages 55-74, February.
  8. Carmen M. Reinhart & Graciela L. Kaminsky, 1999. "The Twin Crises: The Causes of Banking and Balance-of-Payments Problems," American Economic Review, American Economic Association, vol. 89(3), pages 473-500, June.
  9. Ross Levine & Norman Loayza & Thorsten Beck, 2002. "Financial Intermediation and Growth: Causality and Causes," Central Banking, Analysis, and Economic Policies Book Series, in: Leonardo Hernández & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (S (ed.), Banking, Financial Integration, and International Crises, edition 1, volume 3, chapter 2, pages 031-084 Central Bank of Chile.
  10. Pagano, Marco, 1993. "Financial markets and growth: An overview," European Economic Review, Elsevier, vol. 37(2-3), pages 613-622, April.
  11. Deidda, Luca & Fattouh, Bassam, 2002. "Non-linearity between finance and growth," Economics Letters, Elsevier, vol. 74(3), pages 339-345, February.
  12. Loayza, Norman & Ranciere, Romain, 2004. "Financial development, financial fragility, and growth," Policy Research Working Paper Series 3431, The World Bank.
  13. Dollar, David & Kraay, Aart, 2002. " Growth Is Good for the Poor," Journal of Economic Growth, Springer, vol. 7(3), pages 195-225, September.
  14. Roubini, Nouriel & Sala-i-Martin, Xavier, 1992. "Financial repression and economic growth," Journal of Development Economics, Elsevier, vol. 39(1), pages 5-30, July.
  15. Kevin C. Murdock & Thomas F. Hellmann & Joseph E. Stiglitz, 2000. "Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough?," American Economic Review, American Economic Association, vol. 90(1), pages 147-165, March.
  16. Stiglitz, Joseph E, 1985. "Credit Markets and the Control of Capital," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 17(2), pages 133-52, May.
  17. Boot, Arnoud W. A., 2000. "Relationship Banking: What Do We Know?," Journal of Financial Intermediation, Elsevier, vol. 9(1), pages 7-25, January.
  18. repec:fth:wobaco:1083 is not listed on IDEAS
  19. Luintel, Kul B. & Khan, Mosahid, 1999. "A quantitative reassessment of the finance-growth nexus: evidence from a multivariate VAR," Journal of Development Economics, Elsevier, vol. 60(2), pages 381-405, December.
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Citations

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Cited by:
  1. Semia RACHID, 2011. "Foreign Direct Investment and Financial Resilience: Case of the Mediterranean Countries," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 8, pages 235-258, December.
  2. repec:pra:mprapa:40631 is not listed on IDEAS
  3. Koloma, Yaya, 2012. "DETERMINANTS de la pauvreté et genre des bénéficiaires de microfinance au Mali
    [DETERMINANTS of poverty by gender of beneficiaries of microfinance in Mali]
    ," MPRA Paper 40644, University Library of Munich, Germany.
  4. Cissé, Aboubakar Sidiki, 2009. "Faible financement bancaire dans la zone uemoa : une analyse des causes de ce mal récurrent
    [Low financing in the waemu zone: an analysis of the causes of this disease recurring]
    ," MPRA Paper 40821, University Library of Munich, Germany, revised 24 Aug 2012.

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