This study empirically investigates the hypothesis of causality between
financial development and economic growth in seven Middle East and North African
countries from a time series perspective. I use ordinary least squares and vector auto
regression estimations to infer Granger Causality, after controlling for a set of nonfinancial
variables. Results show evidence of unidirectional and bidirectional causality
between financial development and economic growth in four cases, no causality in two
cases, and no significant relation between financial development and economic growth
in one case. The significance of the relations varies on case-specific basis. I also control
for three indices of civil liberties, economic and political freedom, and find significant
evidence of an impact on GDP in three out of seven countries.
| Identifer | oai:union.ndltd.org:tamu.edu/oai:repository.tamu.edu:1969.1/2321 |
| Date | 29 August 2005 |
| Creators | Alrayes, Massa Waddah |
| Contributors | Jansen, Dennis |
| Publisher | Texas A&M University |
| Source Sets | Texas A and M University |
| Language | en_US |
| Detected Language | English |
| Type | Book, Thesis, Electronic Thesis, text |
| Format | 501581 bytes, 78336 bytes, electronic, application/pdf, application/vnd.ms-excel, born digital |
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