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From Financial Development to Economic Growth and Vice Versa: A Review of International Experience and Policy Lessons for Africa


  • Laurence Harris


A large body of econometric studies in the past two decades has yielded considerable knowledge of the connection between financial development and economic growth, as experienced by a wide range of countries. A consensus view that financial development positively conditions or promotes economic growth emerged at an early stage. This paper argues that the evidence does not, however, provide a strong basis for policy in Africa, or, indeed, in specific countries elsewhere. Copyright 2012 , Oxford University Press.

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  • Laurence Harris, 2012. "From Financial Development to Economic Growth and Vice Versa: A Review of International Experience and Policy Lessons for Africa," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 21(suppl_1), pages -106, January.
  • Handle: RePEc:oup:jafrec:v:21:y:2012:i:suppl_1:p:-i106

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    Cited by:

    1. Ghulam Akhmat & Khalid Zaman & Tan Shukui, 2014. "Impact of financial development on SAARC’S human development," Quality & Quantity: International Journal of Methodology, Springer, vol. 48(5), pages 2801-2816, September.
    2. Zhang, Yu Yvette & Boadu, Frederick O., 2012. "Stock Exchange Development and Economic Growth in Sub-Saharan Africa (SSA)," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124608, Agricultural and Applied Economics Association.

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