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Banking sector development and economic growth in developing countries: a bootstrap panel Granger causality analysis

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  • Khalil Mhadhbi

    (University of Gabes)

  • Chokri Terzi

    (University of Gabes)

  • Ali Bouchrika

    (University of Gabes)

Abstract

The purpose of this paper is to revisit the Granger causal relationship between banking sector development and economic growth for forty developing countries in the period 1970–2012. In order to capture the different aspects of banking sector development, we use two banking sector development indices and apply a panel bootstrap approach to Granger causality testing which takes into account cross-sectional dependence and heterogeneity issues. The empirical results show limited support for the supply-leading, demand-following and complementarity hypotheses, but provide evidence for a causal relationship between banking sector development and economic growth in twenty-five countries.

Suggested Citation

  • Khalil Mhadhbi & Chokri Terzi & Ali Bouchrika, 2020. "Banking sector development and economic growth in developing countries: a bootstrap panel Granger causality analysis," Empirical Economics, Springer, vol. 58(6), pages 2817-2836, June.
  • Handle: RePEc:spr:empeco:v:58:y:2020:i:6:d:10.1007_s00181-019-01670-z
    DOI: 10.1007/s00181-019-01670-z
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    3. Ojo Johnson Adelakun & Babatunde Afolabi & Uwasejike B Abuh, 2020. "Macroeconomic variables and banking sector development: Evidence from Nigeria," Technium Social Sciences Journal, Technium Science, vol. 8(1), pages 288-301, June.
    4. Yilmaz Bayar & Djula Borozan & Marius Dan Gavriletea, 2021. "Banking sector stability and economic growth in post‐transition European Union countries," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 949-961, January.
    5. Mesut Alper GEZER, 2018. "The relationship between financial deepening and economic growth: Bootstrap causality approach for the selected upper middle income countries," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(1(614), S), pages 95-112, Spring.

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    More about this item

    Keywords

    Economic growth; Banking sector development; Cross-sectional dependency; Slope heterogeneity; Granger causality bootstrap;
    All these keywords.

    JEL classification:

    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models

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