التكامل الاقتصادي
Volume 10, Numéro 2, Pages 566-578
2022-06-30
The Effect Of Financial Development On The Long-run Economic Growth: Panel Evidence From Less Developed Countries.
Authors : Aiboud Kada . Hamelat Benachour .
Abstract
In this paper, we study the link between financial development and economic growth in 11 less developed countries between the period 1990 and 2017. For this purpose, we use three methods to estimate the relationship namely the pooled OLS method, the pooled OLS with nonparametric covariance matrix estimators by Driscoll & Kraay (1998), and the FGLS estimators by Parks (1967). The last two estimators provide robust estimation when errors are cross-sectionally dependent and/or serially correlated. The results reveal that financial development is not a determining factor of economic growth. Our results are robust for the second measure of financial development.
Keywords
Financial development ; economic growth ; pooled OLS ; Driscoll & Kraay estimators ; FGLS estimators
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