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Finance-Growth Nexus: Evidence from a Dynamic Panel Model on ECOWAS Countries

In: The Palgrave Handbook of Africa’s Economic Sectors

Author

Listed:
  • Toussaint Houeninvo

    (Country Economics Department, African Development Bank)

  • Germain Lankoande

    (National School of Applied Statistics and Economics)

Abstract

This chapter evaluates the effect of financial development (as a credit to the private sector) on economic growth in the Economic Community of West African States (ECOWAS) member countries and assesses whether belonging to a monetary union makes a difference. It uses panel data over the period 1960–2018 and applies a generalized method of moments (GMM) model as the econometric technique. The findings indicate that credit to the private sector has a positive impact on economic growth and that there is no specific effect of monetary union. The chapter adds to the slim body of empirical studies on West Africa.

Suggested Citation

  • Toussaint Houeninvo & Germain Lankoande, 2022. "Finance-Growth Nexus: Evidence from a Dynamic Panel Model on ECOWAS Countries," Springer Books, in: Evelyn F. Wamboye & Bichaka Fayissa (ed.), The Palgrave Handbook of Africa’s Economic Sectors, pages 343-379, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-75556-0_13
    DOI: 10.1007/978-3-030-75556-0_13
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    More about this item

    Keywords

    Financial development; Economic growth; ECOWAS countries; Generalized Method of Moments;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • 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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