les cahiers du mecas
Volume 12, Numéro 1, Pages 48-63
Financial Development - Economic Growth Nexus:selected Mena Countries
Authors : Gherbi Nacer Salah Eddine . Medjahed Kenza . Halaili Narimene .
Abstract
This paper explores the finance-growth nexus in eleven Middle East and North Africa countries, using dynamic panel estimation techniques (DOLS and FMOLS) and panel causality test during the period 1980 -2012, also using principal component analysis to build financial development index. The results showed that the relationship between financial deepening and growth is bi-directional in MENA countries: financial development granger – causes growth and growth granger – causes financial development.
Keywords
financial development, economic growth, dynamic panel data, panel causality test, MENA countries.
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