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Financial development and economic growth in Egypt

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  • Amr Sadek Hosny

Abstract

The relationship between financial development and economic growth has been widely examined in both the theoretical and empirical literature. This paper studies the relationship between these two variables in Egypt during the period 1961 to 2009, using co-integration and vector error correction analysis, Granger causality tests, and multivariate Beveridge-Nelson decomposition. Results indicate that the two variables move together in the long run, and that financial development Granger causes economic growth in both the short-run and the long-run, thus providing support for the supply leading hypothesis. These findings are robust using different measures of financial development.

Suggested Citation

  • Amr Sadek Hosny, 2012. "Financial development and economic growth in Egypt," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 5(1), pages 62-77, July.
  • Handle: RePEc:taf:macfem:v:5:y:2012:i:1:p:62-77
    DOI: 10.1080/17520843.2011.606608
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    1. Levine, Ross, 2005. "Finance and Growth: Theory and Evidence," Handbook of Economic Growth,in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 12, pages 865-934 Elsevier.
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