Financial Development and Economic Growth in Egypt: A Re-investigation
In light of the political and economic conditions that Egypt has challenged during the last two years and its influences, it is crucial to re-investigate the link between financial sector and economic growth using recent data sample. This paper re-explores it using annual data for the period from 1988 to 2012. The results imply that the banking sector development has a unidirectional causal impact on economic growth. However, stock market development does not cause growth. The interpretation of such outcomes has to be taken with caution since other relevant factors are more likely to affect this link.
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