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

  • Hamdi KHALFAOUI

    (Faculté des Sciences Economiques et de Getion de Tunis)

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    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).

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    File URL: http://econwpa.repec.org/eps/dev/papers/0512/0512020.pdf
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    Paper provided by EconWPA in its series Development and Comp Systems with number 0512020.

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    Length: 22 pages
    Date of creation: 21 Dec 2005
    Date of revision:
    Handle: RePEc:wpa:wuwpdc:0512020
    Note: Type of Document - pdf; pages: 22
    Contact details of provider: Web page: http://econwpa.repec.org

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    1. 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.
    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. 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.
    4. Roubini, Nouriel & Sala-i-Martin, Xavier, 1992. "Financial repression and economic growth," Journal of Development Economics, Elsevier, vol. 39(1), pages 5-30, July.
    5. Levine, Ross, 2001. "International Financial Liberalization and Economic Growth," Review of International Economics, Wiley Blackwell, vol. 9(4), pages 688-702, November.
    6. 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.
    7. Henry, Peter Blair, 2000. "Do stock market liberalizations cause investment booms?," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 301-334.
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