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Financial Development and Economic Growth in Egypt: A Re-investigation

  • Kamal, Mona

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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File URL: http://mpra.ub.uni-muenchen.de/48564/1/MPRA_paper_48564.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 48564.

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Date of creation: 23 Jul 2013
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Handle: RePEc:pra:mprapa:48564
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  1. Anton Dobronogov & Farrukh Iqbal, 2007. "Economic Growth in Egypt: Constraints and Determinants," Journal of African Development, African Finance and Economic Association, vol. 9(1), pages 31-66.
  2. Ben Naceur, Samy & Ghazouani, Samir & Omran, Mohammed, 2008. "Does stock market liberalization spur financial and economic development in the MENA region?," Journal of Comparative Economics, Elsevier, vol. 36(4), pages 673-693, December.
  3. Anthony Enisan Akinlo & Tajudeen Egbetunde, 2010. "Financial Development and Economic Growth: The Experience of 10 Sub-Saharan African Countries Revisited," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 2(1), pages 017-028, June.
  4. Andreas Billmeier & Isabella Massa, 2007. "What Drives Stock Market Development in the Middle East and Central Asia; Institutions, Remittances, or Natural Resources?," IMF Working Papers 07/157, International Monetary Fund.
  5. Bolbol, Ali A. & Fatheldin, Ayten & Omran, Mohammed M., 2005. "Financial development, structure, and economic growth: the case of Egypt, 1974-2002," Research in International Business and Finance, Elsevier, vol. 19(1), pages 171-194, March.
  6. Levine, Ross & Zervos, Sara, 1998. "Stock Markets, Banks, and Economic Growth," American Economic Review, American Economic Association, vol. 88(3), pages 537-58, June.
  7. Shen, Chung-Hua & Lee, Chien-Chiang, 2006. "Same Financial Development Yet Different Economic Growth: Why?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(7), pages 1907-1944, October.
  8. Naceur, Samy Ben & Ghazouani, Samir, 2007. "Stock markets, banks, and economic growth: Empirical evidence from the MENA region," Research in International Business and Finance, Elsevier, vol. 21(2), pages 297-315, June.
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