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Question de causalité entre développement réel et développement financier : Une notion encore embarrassée

Author

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  • Hamdi KHALFAOUI

    (Faculté des Sciences Economiques et de Getion de Tunis)

Abstract

Bien que les études théoriques et empiriques convergent sur la dimension financière dans la croissance économique, elles n’apportent pas une réponse commune à la question de l’interaction entre la libéralisation financière et la croissance économique. D'une part, la libéralisation financière, qui est imposée à certains pays en développement sous l'égide des organisations internationales et l'impulsion de la puissante vague de transactions financières internationales, a contribué à la hausse de l'investissement et par conséquent à l'accélération de la croissance, et d'autre part, elle peut être analysée comme étant le fruit du développement économique. En outre, les interactions croisées entre la sphère réelle et la sphère financière, laisse la question de causalité se pose avec plus d'acuité et devient de plus en plus incertaine, à savoir est-ce que le développement financier entraîne la croissance ou est-ce que le développement réel conduit à un développement financier. Qui à raison Schumpeter qui argue que : 'les institutions financières sont nécessaires à l’innovation technologique qui sous-tend la croissance' ou Robinson qui affirme : 'Là où la croissance conduit, la finance le suit' La problématique posée se trouve alors à l’intersection de deux domaines à savoir la finance et l’économie. Afin de tenir compte des spécificités individuelles et a- temporelles des phénomènes de croissance, nous utiliserons en amont des tests de spécification pour mieux estimer le sens de la causalité par pays et en aval des statistiques descriptives pour mieux appréhender ce sens par club de pays (UMA et PED).

Suggested Citation

  • Hamdi KHALFAOUI, 2005. "Question de causalité entre développement réel et développement financier : Une notion encore embarrassée," Development and Comp Systems 0512020, University Library of Munich, Germany.
  • Handle: RePEc:wpa:wuwpdc:0512020
    Note: Type of Document - pdf; pages: 22
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/dev/papers/0512/0512020.pdf
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    References listed on IDEAS

    as
    1. Beck, Thorsten & Lundberg, Mattias & Majnoni, Giovanni, 2006. "Financial intermediary development and growth volatility: Do intermediaries dampen or magnify shocks?," Journal of International Money and Finance, Elsevier, vol. 25(7), pages 1146-1167, November.
    2. Menzie D. Chinn & Hiro Ito, 2002. "Capital Account Liberalization, Institutions and Financial Development: Cross Country Evidence," NBER Working Papers 8967, National Bureau of Economic Research, Inc.
    3. Robert G. King & Ross Levine, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, Oxford University Press, vol. 108(3), pages 717-737.
    4. King, Robert G. & Levine, Ross, 1993. "Finance, entrepreneurship and growth: Theory and evidence," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 513-542, December.
    5. Henry, Peter Blair, 2000. "Do stock market liberalizations cause investment booms?," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 301-334.
    6. Roubini, Nouriel & Sala-i-Martin, Xavier, 1992. "Financial repression and economic growth," Journal of Development Economics, Elsevier, vol. 39(1), pages 5-30, July.
    7. Levine, Ross, 2001. "International Financial Liberalization and Economic Growth," Review of International Economics, Wiley Blackwell, vol. 9(4), pages 688-702, November.
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    More about this item

    Keywords

    Libéralisation Financière; Croissance; PanelCointégration; Causalité; PMA;

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • 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
    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General

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