Financial Development and Economic Growth: A Review and New Evidence

Authors: Khan M.S.; Senhadji A.S.

Source: Journal of African Economies, Volume 12, Supplement 1, 1 September 2003 , pp. 89-110(22)

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Abstract:

In recent years there has been substantial theoretical and empirical work on the role that financial markets play in fostering economic growth and development. This paper provides a selective review of the literature, as well as new empirical evidence on the relationship between financial development and economic growth for a large sample of countries. While the results indicate that the effect of financial development on growth is positive, the size of the effect varies with different indicators of financial development, estimation method, data frequency and the functional form of the relationship.

Document Type: Research article

Publication date: 2003-09-01

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The Journal of African Economies is a vehicle to carry rigorous economic analysis, focused entirely on Africa, for Africans and anyone interested in the continent - be they consultants, policymakers, academics, traders, financiers, development agents or aid workers. Each issue of the Journal of African Economies contains applied research of the highest standard, together with a comprehensive book review section, and a listing of the current working papers from around the world.