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首页> 外文期刊>Studies in Economics and Finance >Financial liberalization, financial development and growth linkages in Sub-Saharan African countries
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Financial liberalization, financial development and growth linkages in Sub-Saharan African countries

机译：撒哈拉以南非洲国家的金融自由化，金融发展和增长联系

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Purpose – The purpose of this paper is to use the recent development in unit root tests and cointegration as applied to panel data and dynamic time series, to estimate the relationship between financial liberalization, financial development and growth. Design/methodology/approach – The paper assesses the dynamics of the relationship between financial development, financial liberalization and growth using the latest dynamic panel data framework and time series analyses comprising up to 15 Sub-Saharan African countries with annual observations over the period of 1976-2005. The research uses various measures of, or proxies for, financial intermediary development, including ratio of private sector credit and share of domestic credit to income. Findings – The results obtained from a heterogenous panel investigation and time series methodology such as Granger causality, indicate a long-run equilibrium relationship between financial development and economic growth. This is consistent with the view that financial development can act as an “engine of growth” and plays a crucial role in the process of economic development. However, there is little evidence to support the hypothesis that financial liberalization directly “leads” growth. Originality/value – Group mean panel fully modified ordinary least squares (FMOLS) and country-by-country time series investigations show evidence of causality running from financial development to growth. The analysis yielded limited evidence of financial liberalization Granger-causing economic growth. However, this is not to say that financial liberalization does not promote growth, as it could do so indirectly through fostering financial development.
机译：目的–本文的目的是利用单位根检验和协整的最新发展应用于面板数据和动态时间序列，以估计金融自由化，金融发展与增长之间的关系。设计/方法/方法–本文使用最新的动态面板数据框架和时间序列分析（包括多达15个撒哈拉以南非洲国家）对金融发展，金融自由化和增长之间的关系进行了动态评估，并于1976年进行了年度观察-2005。该研究对金融中介机构的发展采用了各种衡量指标或代理指标，包括私人部门信贷的比率和国内信贷与收入的比重。调查结果–从异类小组调查和时间序列方法（例如格兰杰因果关系）获得的结果表明，金融发展与经济增长之间存在长期的均衡关系。这与金融发展可以充当“增长引擎”并在经济发展过程中发挥关键作用的观点是一致的。但是，没有证据支持金融自由化直接“引领”增长这一假设的证据。原创性/价值–小组均值面板完全修改的普通最小二乘（FMOLS）和国家间时间序列调查显示了从金融发展到增长的因果关系。分析得出的有限的证据表明，金融自由化导致了格兰杰的经济增长。但是，这并不是说金融自由化不会促进增长，因为它可以通过促进金融发展而间接地促进增长。

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