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首页> 外文期刊>European Journal of Business and Management >The Impact of the Banking Sector and Stock Market on Economic Growth
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The Impact of the Banking Sector and Stock Market on Economic Growth

机译：银行业和股市对经济增长的影响

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This paper examines the impact of the financial system; the banking sector development and the stock market development on economic growth in 17 selected African countries from 1980-2017. The paper employs the panel auto-regressive distributed lag (ARDL) with the pooled mean group (PMG) estimator to explore the short and long-run relationship among the variables. The empirical findings reveal the existence of cointegration among the variables and show that stock market capitalization; a measure of the stock market development has a significant long-run relationship with economic growth and this supports the claims of (Arestis et al., 2001) that stock market capitalization is statistically important and positively correlated with economic growth. FDI also has a significant long-run relationship with economic growth. Bank credit, an indicator of the banking sector development has a significant short-run relationship with economic growth. This study suggests that African countries should ameliorate the credit allocation process by privatizing national banks, tightening credit management, and increase competition in the banking sector. Measures should also be put in place to minimize excessive volatility in stock prices which would allow the stock markets in the African countries to stimulate economic growth.
机译：本文介绍了金融体系的影响; 1980 - 2017年，17个非洲国家的银行业发展和股市发展股市发展17个非洲国家。本文采用面板自动回归分布式滞后（ARDL），汇总式组（PMG）估计器，以探索变量之间的短期和长期关系。经验研究结果揭示了变量中的协整的存在，表明股票市场资本化;衡量股票市场发展的衡量标准与经济增长具有重要的长期关系，这支持（Arestiis等，2001）的股票市场资本化在统计上重要性和与经济增长肯定地相关。外国直接投资还与经济增长具有重要的长期关系。银行信贷，银行业发展的指标与经济增长具有重要的短暂关系。本研究表明，非洲国家应通过私有化国家银行，收紧信用管理和增加银行业的竞争来改善信贷分配过程。还应提出措施，以尽量减少股票价格过度波动，这将使非洲国家的股票市场促进经济增长。

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