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Non-linear finance–growth nexus in WAEMU Countries : Evidence from Quantile Regression

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  • PRAO Yao Séraphin

Abstract

This article examines the impact of financial development on economic growth in 7 UEMOA countries. Unlike previous studies that focus on average effects, it uses a quantile regression methodology to examine whether the effect of financial development on economic growth is the same for countries at all levels of economic development. The results highlight that financial development is more conducive to economic growth in countries with higher living standards. In addition, economic openness benefits countries with a high standard of living more. Civil liberties have a positive impact on the economic growth of the countries in the area. The study also concludes that investment has a negative impact on economic growth in WAEMU countries. JEL classification numbers: C13, C21, O11, O16, O40.

Suggested Citation

  • PRAO Yao Séraphin, 2019. "Non-linear finance–growth nexus in WAEMU Countries : Evidence from Quantile Regression," Journal of Finance and Investment Analysis, SCIENPRESS Ltd, vol. 8(3), pages 1-4.
    • Handle: RePEc:spt:fininv:v:8:y:2019:i:3:f:8_3_4
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    References listed on IDEAS

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    Keywords

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    JEL classification:

    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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