FINANCE-GROWTH NEXUS IN AFRICA: A PANEL GENERALIZED METHOD OF MOMENTS (GMM) ANALYSIS
Journal Title: Asian Economic and Financial Review - Year 2013, Vol 3, Issue 10
Abstract
The paper uses the dynamic GMM Model to examine the finance-growth nexus with panel data (1981-2010) from 24 African countries. Evidence suggests that there is a positive relationship between finance and economic growth and that there is a bi-directional causal relationship between finance and economic growth. To the extent that financial development and economic growth Granger-cause each other, we assert that policies directed at any of the two , if efficiently and vigorously pursued, could be beneficial to the study countries.
Authors and Affiliations
Michael Adusei| Kwame Nkrumah University of Science and Technology, Kumasi-Ghana
Keywords
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