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2013•Asian Economic and Financial ReviewOpen access

FINANCE-GROWTH NEXUS IN AFRICA: A PANEL GENERALIZED METHOD OF MOMENTS (GMM) ANALYSIS

Michael Adusei

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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.

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What this paper is about

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.

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OpenAlex reports 34 citations for this work. Citation counts describe recorded attention and do not establish research quality.

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Available 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.

Key concepts: Nexus (standard), Generalized method of moments, Economics, Panel data, Macroeconomics, Econometrics, Computer science, Embedded system

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