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Développement financier, réformes financières et croissance : une approche en données de panel

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  • Jean-Claude Berthélemy
  • Aristomène Varoudakis

Abstract

[fre] Développement financier, réformes financières et croissance. Une approche en données de panel. . Cet article réexamine la contribution du développement du système financier à la croissance sur la base d'estimations en données de panel pour 82 pays et six périodes quinquennales couvrant les années soixante à quatre-vingt-dix. Nos esti­mations ne valident pas l'hypothèse d'une influence positive du développement du système financier sur la croissance, que ce soit par le biais de la mobilisation de l'épargne ou par celui de la qualité de son affectation. Nous montrons que ce para­doxe peut être expliqué par une représentation du rôle du développement financier sous forme d'effets de seuil associés à des équilibres multiples, qui sont pris en compte dans les effets fixes de nos régressions. [eng] Financial development. Financial reforms and growth : a panel data approach. . In this paper we revisit the contribution of financial development on growth through panel data regressions based on a panel set covering 82 countries and six five-year periods of time over the years 1960 to 1990. Our results do not confirm the existence of a positive relation between financial development and growth, be it through savings mobilisation or through the quality of its allocation. We resolve this paradox by interpreting the role of financial sector in a multiple equilibra model which generates threshold effects. Such threshold effects are observable in the country fix effects of our regressions.

Suggested Citation

  • Jean-Claude Berthélemy & Aristomène Varoudakis, 1998. "Développement financier, réformes financières et croissance : une approche en données de panel," Revue Économique, Programme National Persée, vol. 49(1), pages 195-206.
  • Handle: RePEc:prs:reveco:reco_0035-2764_1998_num_49_1_409972
    DOI: 10.3406/reco.1998.409972
    Note: DOI:10.3406/reco.1998.409972
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    References listed on IDEAS

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    1. Robert G. King & Ross Levine, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, Oxford University Press, vol. 108(3), pages 717-737.
    2. Berthelemy, J C & Varoudakis, A, 1995. "Thresholds in Financial Development and Economic Growth," The Manchester School of Economic & Social Studies, University of Manchester, vol. 63(0), pages 70-84, Suppl..
    3. N. Gregory Mankiw & David Romer & David N. Weil, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 107(2), pages 407-437.
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    5. Jean-Claude Berthélemy & Aristomène Varoudakis, 1994. "Intermédiation financière et croissance endogène," Revue Économique, Programme National Persée, vol. 45(3), pages 737-750.
    6. R. B. Johnston & Ceyla Pazarbasioglu, 1995. "Linkages Between Financial Variables, Financial Sector Reform and Economic Growth and Efficiency," IMF Working Papers 95/103, International Monetary Fund.
    7. Steven N. Durlauf & Paul A. Johnson, 1992. "Local Versus Global Convergence Across National Economies," NBER Working Papers 3996, National Bureau of Economic Research, Inc.
    8. Nazrul Islam, 1995. "Growth Empirics: A Panel Data Approach," The Quarterly Journal of Economics, Oxford University Press, vol. 110(4), pages 1127-1170.
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    Cited by:

    1. Gilles Dufrenot & Valerie Mignon & Anne Peguin-Feissolle, 2010. "Testing the finance-growth link: is there a difference between developed and developing countries?," Economics Bulletin, AccessEcon, vol. 30(3), pages 1794-1807.
    2. Comlanvi Jude EGGOH, 2009. "Développement financier, instabilité financière et croissance économique : un réexamen de la relation," LEO Working Papers / DR LEO 444, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    3. BABATOUNDE, Latoundji Alain, 2010. "Efficiency of financial micro intermediation in the WAEMU countries: A stochastic frontier production analysis," MPRA Paper 33446, University Library of Munich, Germany, revised Aug 2011.
    4. Amaira Bouzid, 2013. "Governance, Financial Liberalization And Economic Growth: Dynamic Panel Data Approach," Romanian Economic Business Review, Romanian-American University, vol. 8(2), pages 59-74, June.
    5. M.Mete Doganay, 2003. "Forecasting the Volatilities and Covariances of ISE Government Debt Securities Indices," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 7(27), pages 15-34.
    6. Mohamed Trabelsi, 2002. "Finance and Growth: Empirical Evidence from Developing Countries 1960-1990," Working Papers 0228, Economic Research Forum, revised 26 Sep 2002.
    7. repec:wei:journl:v:8:y:2018:i:2:p:65-77 is not listed on IDEAS
    8. repec:jle:journl:167 is not listed on IDEAS
    9. AL-ZUBI, Khaled & AL-RJOUB,Samer & ABU-MHAREB,E, 2006. "Financial Development And Economic Growth: A New Empirical Evidence From The Mena Countries, 1989-2001," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 6(3).
    10. Carton, Christine & Ronquillo, Cely, 2008. "Determinantes del crecimiento económico e intermediación bancaria: un análisis empírico para países latinoamericanos
      [Determinants of economic growth and bank intermediation: empirical analysis for
      ," MPRA Paper 15514, University Library of Munich, Germany, revised 25 Nov 2008.
    11. Jellal, Mohamed, 2014. "Diaspora transferts finance et développement économique
      [Diaspora remittances finance and economic development]
      ," MPRA Paper 57410, University Library of Munich, Germany.
    12. Djimoudjiel Djekonbe, 2018. "Banking Capitalization and Financial Development in Chad: The Comparative Effects of The Banking Process," Economic Research Guardian, Weissberg Publishing, vol. 8(2), pages 65-77, December.
    13. Bulent Guloglu, 2003. "Financial Liberalisation and Economic Growth: A Panel Data Approach," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 7(27), pages 35-58.
    14. Pinar Evrim Mandaci, 2003. "Abnormal Return Fluctuations in the ISE (Istanbul Stock Exchange) Before and After the General Elections in Turkey," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 7(27), pages 1-14.
    15. repec:eco:journ1:2014-03-22 is not listed on IDEAS

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