Causality between financial development and economic growth: a case study on selected middle eastern countries
Year: 2005
Type: dissertation
Abstract: This study empirically investigates the hypothesis of causality between\nfinancial development and economic growth in seven Middle East and North African\ncountries from a time series perspective. I use ordinary least squares and vector auto\nregression estimations to infer Granger Causality, after controlling for a set of nonfinancial\nvariables. Results show evidence of unidirectional and bidirectional causality\nbetween financial development and economic growth in four cases, no causality in two\ncases, and no significant relation between financial development and economic growth\nin one case. The significance of the relations varies on case-specific basis. I also control\nfor three indices of civil liberties, economic and political freedom, and find significant\nevidence of an impact on GDP in three out of seven countries.
Author: Massa Waddah Alrayes
Language: English
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W2288468481