메뉴 건너뛰기




Volumn 37, Issue , 2014, Pages 386-394

Financial development, trade openness and economic growth in African countries: New insights from a panel causality approach

Author keywords

Africa; Economic growth; Financial development; Panel causality; Trade openness

Indexed keywords


EID: 84890647574     PISSN: 02649993     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.econmod.2013.11.044     Document Type: Article
Times cited : (365)

References (57)
  • 1
    • 11144261802 scopus 로고    scopus 로고
    • The finance growth nexus: evidence from Sub-Saharan Africa
    • Agbetsiafia D. The finance growth nexus: evidence from Sub-Saharan Africa. Sav. Dev. 2004, 28(3):271-288.
    • (2004) Sav. Dev. , vol.28 , Issue.3 , pp. 271-288
    • Agbetsiafia, D.1
  • 2
    • 15544372790 scopus 로고    scopus 로고
    • The effect of financial development on convergence: theory and evidence
    • Aghion P., Howitt P., Mayer-Foulkes D. The effect of financial development on convergence: theory and evidence. Q. J. Econ. 2005, 120(1):173-222.
    • (2005) Q. J. Econ. , vol.120 , Issue.1 , pp. 173-222
    • Aghion, P.1    Howitt, P.2    Mayer-Foulkes, D.3
  • 3
    • 80052923923 scopus 로고    scopus 로고
    • Financial structure and economic growth link in African countries: a panel cointegration analysis
    • Ahmed A.D., Wahid A.N.M. Financial structure and economic growth link in African countries: a panel cointegration analysis. J. Econ. Stud. 2010, 38(3):331-357.
    • (2010) J. Econ. Stud. , vol.38 , Issue.3 , pp. 331-357
    • Ahmed, A.D.1    Wahid, A.N.M.2
  • 4
    • 45249125197 scopus 로고    scopus 로고
    • Survey of recent developments in the literature of finance and growth
    • Ang J.B. Survey of recent developments in the literature of finance and growth. J. Econ. Surv. 2008, 22(3):536-576.
    • (2008) J. Econ. Surv. , vol.22 , Issue.3 , pp. 536-576
    • Ang, J.B.1
  • 5
    • 23044434466 scopus 로고    scopus 로고
    • Financial intermediation and economic growth: evidence from Western Africa
    • Atindehou R.B., Guyeie J.P., Amenounve E.K. Financial intermediation and economic growth: evidence from Western Africa. Appl. Financ. Econ. 2005, 15(11):777-790.
    • (2005) Appl. Financ. Econ. , vol.15 , Issue.11 , pp. 777-790
    • Atindehou, R.B.1    Guyeie, J.P.2    Amenounve, E.K.3
  • 6
    • 67349258282 scopus 로고    scopus 로고
    • Financial development and openness: evidence from panel data
    • Baltagi B.H., Demetriades P.O., Law S.K. Financial development and openness: evidence from panel data. J. Dev. Econ. 2009, 89(2):285-296.
    • (2009) J. Dev. Econ. , vol.89 , Issue.2 , pp. 285-296
    • Baltagi, B.H.1    Demetriades, P.O.2    Law, S.K.3
  • 7
    • 0036271307 scopus 로고    scopus 로고
    • Financial development and international trade: is there a link?
    • Beck T. Financial development and international trade: is there a link?. J. Int. Econ. 2002, 57(1):107-131.
    • (2002) J. Int. Econ. , vol.57 , Issue.1 , pp. 107-131
    • Beck, T.1
  • 10
    • 2542640526 scopus 로고
    • Financial intermediation and endogenous 24 growth
    • Bencivenga Valerie R., Bruce D.Smith Financial intermediation and endogenous 24 growth. Rev. Econ. Stud. 1991, 58(2):195-209.
    • (1991) Rev. Econ. Stud. , vol.58 , Issue.2 , pp. 195-209
    • Bencivenga, V.R.1    Bruce, D.S.2
  • 11
    • 0031746417 scopus 로고    scopus 로고
    • A theory of growth, financial development and trade
    • Blackburn K., Hung V.T.Y. A theory of growth, financial development and trade. Economica 1998, 65(257):107-124.
    • (1998) Economica , vol.65 , Issue.257 , pp. 107-124
    • Blackburn, K.1    Hung, V.T.Y.2
  • 12
    • 18944373107 scopus 로고    scopus 로고
    • Financial development, financing choice and economic growth
    • Blackburn K., Bose N., Capasso S. Financial development, financing choice and economic growth. Rev. Dev. Econ. 2005, 9(2):135-149.
    • (2005) Rev. Dev. Econ. , vol.9 , Issue.2 , pp. 135-149
    • Blackburn, K.1    Bose, N.2    Capasso, S.3
  • 13
    • 84897079438 scopus 로고
    • The Lagrange multiplier test and its application to model specifications in econometrics
    • Breusch T., Pagan A. The Lagrange multiplier test and its application to model specifications in econometrics. Rev. Econ. Stud. 1980, 47(1):239-253.
    • (1980) Rev. Econ. Stud. , vol.47 , Issue.1 , pp. 239-253
    • Breusch, T.1    Pagan, A.2
  • 14
    • 22944476445 scopus 로고    scopus 로고
    • A parametric approach to the estimation of cointegration vectors in panel data
    • Breitung J. A parametric approach to the estimation of cointegration vectors in panel data. Econometric Rev. 2005, 24(2):151-173.
    • (2005) Econometric Rev. , vol.24 , Issue.2 , pp. 151-173
    • Breitung, J.1
  • 15
    • 30944450627 scopus 로고    scopus 로고
    • Comparison of some common methods of detecting Granger noncausality
    • Clarke J., Mirza S.A. Comparison of some common methods of detecting Granger noncausality. J. Stat. Comput. Simul. 2006, 76(3):207-231.
    • (2006) J. Stat. Comput. Simul. , vol.76 , Issue.3 , pp. 207-231
    • Clarke, J.1    Mirza, S.A.2
  • 16
    • 0028885894 scopus 로고
    • Financial development and economic growth
    • De Gregorio J., Guidotti P. Financial development and economic growth. World Dev. 1995, 23(3):l433-l448.
    • (1995) World Dev. , vol.23 , Issue.3
    • De Gregorio, J.1    Guidotti, P.2
  • 17
    • 80052671032 scopus 로고    scopus 로고
    • Finance and growth in Africa: the broken link
    • Demetriades P.O., James G.A. Finance and growth in Africa: the broken link. Econ. Lett. 2011, 113(3):263-265.
    • (2011) Econ. Lett. , vol.113 , Issue.3 , pp. 263-265
    • Demetriades, P.O.1    James, G.A.2
  • 19
    • 79951655444 scopus 로고    scopus 로고
    • The finance-growth nexus in Sub-Saharan Africa: panel cointegration and causality tests
    • Fowowe B. The finance-growth nexus in Sub-Saharan Africa: panel cointegration and causality tests. J. Int. Dev. 2011, 23(2):220-239.
    • (2011) J. Int. Dev. , vol.23 , Issue.2 , pp. 220-239
    • Fowowe, B.1
  • 20
    • 58349116212 scopus 로고    scopus 로고
    • Financial development and economic growth: convergence or divergence?
    • Fung M.K. Financial development and economic growth: convergence or divergence?. J. Int. Money Financ. 2009, 28(1):56-67.
    • (2009) J. Int. Money Financ. , vol.28 , Issue.1 , pp. 56-67
    • Fung, M.K.1
  • 21
    • 19044371528 scopus 로고    scopus 로고
    • Financial development and economic growth in Sub-Saharan African countries: evidence from time series analysis
    • Ghirmay T. Financial development and economic growth in Sub-Saharan African countries: evidence from time series analysis. Afr. Dev. Rev. 2004, 16(3):415-432.
    • (2004) Afr. Dev. Rev. , vol.16 , Issue.3 , pp. 415-432
    • Ghirmay, T.1
  • 22
    • 0242704855 scopus 로고    scopus 로고
    • Some aspects of causal relationships
    • Granger C.W.J. Some aspects of causal relationships. J. Econ. 2003, 112(1):69-71.
    • (2003) J. Econ. , vol.112 , Issue.1 , pp. 69-71
    • Granger, C.W.J.1
  • 23
    • 0001168646 scopus 로고
    • Financial development, growth, and the distribution of income
    • Greenwood J., Jovanovic B. Financial development, growth, and the distribution of income. J. Polit. Econ. 1990, 98(5):1076-1107.
    • (1990) J. Polit. Econ. , vol.98 , Issue.5 , pp. 1076-1107
    • Greenwood, J.1    Jovanovic, B.2
  • 24
    • 0030636852 scopus 로고    scopus 로고
    • Financial markets in development and the development of financial markets
    • Greenwood J., Smith B.D. Financial markets in development and the development of financial markets. J. Econ. Dyn. Control. 1997, 21(1):145-182.
    • (1997) J. Econ. Dyn. Control. , vol.21 , Issue.1 , pp. 145-182
    • Greenwood, J.1    Smith, B.D.2
  • 25
    • 70449130650 scopus 로고    scopus 로고
    • Linkages between financial deepening, trade openness and economic development: causality evidence from sub-Saharan Africa
    • Gries T., Kraft M., Meierrieks D. Linkages between financial deepening, trade openness and economic development: causality evidence from sub-Saharan Africa. World Dev. 2009, 37(12):1849-1860.
    • (2009) World Dev. , vol.37 , Issue.12 , pp. 1849-1860
    • Gries, T.1    Kraft, M.2    Meierrieks, D.3
  • 27
    • 78650237808 scopus 로고    scopus 로고
    • Financial development and economic growth nexus in the MENA countries: bootstrap panel Granger causality analysis
    • Kar M., Nazlioglu S., Agir H. Financial development and economic growth nexus in the MENA countries: bootstrap panel Granger causality analysis. Econ. Model. 2011, 28(1-2):685-693.
    • (2011) Econ. Model. , vol.28 , Issue.1-2 , pp. 685-693
    • Kar, M.1    Nazlioglu, S.2    Agir, H.3
  • 28
    • 71149089178 scopus 로고    scopus 로고
    • Dynamic effects of trade openness on financial development
    • Kim D.H., Lin S.C., Suen Y.B. Dynamic effects of trade openness on financial development. Econ. Model. 2010, 27(1):254-261.
    • (2010) Econ. Model. , vol.27 , Issue.1 , pp. 254-261
    • Kim, D.H.1    Lin, S.C.2    Suen, Y.B.3
  • 29
    • 76949085709 scopus 로고    scopus 로고
    • Are financial development and trade openness complements or substitutes?
    • Kim D.H., Lin S.C., Suen Y.B. Are financial development and trade openness complements or substitutes?. South. Econ. J. 2010, 76(3):827-845.
    • (2010) South. Econ. J. , vol.76 , Issue.3 , pp. 827-845
    • Kim, D.H.1    Lin, S.C.2    Suen, Y.B.3
  • 30
    • 34248645054 scopus 로고
    • Finance, entrepreneurship and growth
    • King R.G., Levine R. Finance, entrepreneurship and growth. J. Monet. Econ. 1993, 32(3):513-542.
    • (1993) J. Monet. Econ. , vol.32 , Issue.3 , pp. 513-542
    • King, R.G.1    Levine, R.2
  • 31
    • 33749992347 scopus 로고    scopus 로고
    • Exports and growth: Granger causality analysis on OECD countries with a panel data approach
    • Kónya L. Exports and growth: Granger causality analysis on OECD countries with a panel data approach. Econ. Model. 2006, 23(6):978-992.
    • (2006) Econ. Model. , vol.23 , Issue.6 , pp. 978-992
    • Kónya, L.1
  • 32
    • 44849097093 scopus 로고    scopus 로고
    • Does a country's openness to trade and capital account lead to financial development? Evidence from Malaysia
    • Law S.H. Does a country's openness to trade and capital account lead to financial development? Evidence from Malaysia. Asian Econ. J. 2008, 22(2):161-177.
    • (2008) Asian Econ. J. , vol.22 , Issue.2 , pp. 161-177
    • Law, S.H.1
  • 34
    • 66049116661 scopus 로고    scopus 로고
    • Finance and growth: theory, mechanism and evidence
    • Elsevier, P. Aghion, S.N. Durlauf (Eds.)
    • Levine R. Finance and growth: theory, mechanism and evidence. Handbook of Economic Growth 2005, vol. 1:865-934. Elsevier. P. Aghion, S.N. Durlauf (Eds.).
    • (2005) Handbook of Economic Growth , vol.1 , pp. 865-934
    • Levine, R.1
  • 35
    • 45549121614 scopus 로고
    • On the mechanics of economic development
    • Lucas R.E. On the mechanics of economic development. J. Monet. Econ. 1988, 22(1):3-42.
    • (1988) J. Monet. Econ. , vol.22 , Issue.1 , pp. 3-42
    • Lucas, R.E.1
  • 36
    • 11144352829 scopus 로고    scopus 로고
    • Are international R&D spillovers costly for the United States?
    • Luintel K.B., Khan M. Are international R&D spillovers costly for the United States?. Rev. Econ. Stat. 2004, 86(4):896-910.
    • (2004) Rev. Econ. Stat. , vol.86 , Issue.4 , pp. 896-910
    • Luintel, K.B.1    Khan, M.2
  • 37
    • 67650681113 scopus 로고    scopus 로고
    • Heterogeneous ideas production and endogenous growth: an empirical investigation
    • Luintel K.B., Khan M. Heterogeneous ideas production and endogenous growth: an empirical investigation. Can. J. Econ. 2009, 42(3):1176-1205.
    • (2009) Can. J. Econ. , vol.42 , Issue.3 , pp. 1176-1205
    • Luintel, K.B.1    Khan, M.2
  • 38
    • 84855288575 scopus 로고    scopus 로고
    • Financial development and economic growth: global and African experience
    • Murinde V. Financial development and economic growth: global and African experience. J. Afr. Econ. 2012, 21(Suppl. 1):i10-i56.
    • (2012) J. Afr. Econ. , vol.21 , Issue.SUPPL. 1
    • Murinde, V.1
  • 39
    • 70449085423 scopus 로고    scopus 로고
    • Financial services and economic development in Africa
    • Ncube M. Financial services and economic development in Africa. J. Afr. Econ. 2007, 16(Suppl. 1):13-57.
    • (2007) J. Afr. Econ. , vol.16 , Issue.SUPPL. 1 , pp. 13-57
    • Ncube, M.1
  • 41
    • 35648950516 scopus 로고    scopus 로고
    • Supply-leading versus demand-following hypothesis: empirical evidence from three SSA countries
    • Odhiambo N.M. Supply-leading versus demand-following hypothesis: empirical evidence from three SSA countries. Afr. Dev. Rev. 2007, 19(2):257-280.
    • (2007) Afr. Dev. Rev. , vol.19 , Issue.2 , pp. 257-280
    • Odhiambo, N.M.1
  • 43
    • 84872823142 scopus 로고    scopus 로고
    • General diagnostic tests for cross section dependence in panels
    • CESifo Working Paper 1229
    • Pesaran M.H. General diagnostic tests for cross section dependence in panels. IZA Discussion Paper 2004, 1240.
    • (2004) IZA Discussion Paper , vol.1240
    • Pesaran, M.H.1
  • 44
    • 33745290412 scopus 로고    scopus 로고
    • Estimation and inference in large heterogeneous panel with a multifactor error structure
    • Pesaran M.H. Estimation and inference in large heterogeneous panel with a multifactor error structure. Econometrica 2006, 74(4):967-1012.
    • (2006) Econometrica , vol.74 , Issue.4 , pp. 967-1012
    • Pesaran, M.H.1
  • 45
    • 36148936715 scopus 로고    scopus 로고
    • Testing slope homogeneity in large panels
    • Pesaran M.H., Yamagata T. Testing slope homogeneity in large panels. J. Econ. 2008, 142(1):50-93.
    • (2008) J. Econ. , vol.142 , Issue.1 , pp. 50-93
    • Pesaran, M.H.1    Yamagata, T.2
  • 46
    • 40149097921 scopus 로고    scopus 로고
    • A bias-adjusted LM test of error crosssection independence
    • Pesaran M.H., Ullah A., Yamagata T. A bias-adjusted LM test of error crosssection independence. Econ. J. 2008, 11(1):105-127.
    • (2008) Econ. J. , vol.11 , Issue.1 , pp. 105-127
    • Pesaran, M.H.1    Ullah, A.2    Yamagata, T.3
  • 47
    • 69849083774 scopus 로고    scopus 로고
    • Financial development and economic growth in Ghana: is there a causal link?
    • Quartey P., Prah F. Financial development and economic growth in Ghana: is there a causal link?. Afr. Finance J 2008, 10(1):28-54.
    • (2008) Afr. Finance J , vol.10 , Issue.1 , pp. 28-54
    • Quartey, P.1    Prah, F.2
  • 48
    • 0037633994 scopus 로고    scopus 로고
    • The great reversals: the politics of financial development in the twentieth century
    • Rajan R.G., Zingales L. The great reversals: the politics of financial development in the twentieth century. J. Financ. Econ. 2003, 69(1):5-50.
    • (2003) J. Financ. Econ. , vol.69 , Issue.1 , pp. 5-50
    • Rajan, R.G.1    Zingales, L.2
  • 51
    • 23144439140 scopus 로고    scopus 로고
    • Does financial development "lead" economic growth? A vector autoregression appraisal
    • Shan J. Does financial development "lead" economic growth? A vector autoregression appraisal. Appl. Econ. 2005, 37(12):1353-1367.
    • (2005) Appl. Econ. , vol.37 , Issue.12 , pp. 1353-1367
    • Shan, J.1
  • 52
    • 0034932937 scopus 로고    scopus 로고
    • Financial development and economic growth: an egg and chicken problem?
    • Shan Z.J., Morris A.G., Sun F. Financial development and economic growth: an egg and chicken problem?. Rev. Int. Econ. 2001, 9(3):443-454.
    • (2001) Rev. Int. Econ. , vol.9 , Issue.3 , pp. 443-454
    • Shan, Z.J.1    Morris, A.G.2    Sun, F.3
  • 53
    • 0036300014 scopus 로고    scopus 로고
    • Markets for risk and openness to trade: how they are related
    • Svaleryd H., Vlachos J. Markets for risk and openness to trade: how they are related. J. Int. Econ. 2002, 57(2):369-395.
    • (2002) J. Int. Econ. , vol.57 , Issue.2 , pp. 369-395
    • Svaleryd, H.1    Vlachos, J.2
  • 54
    • 0001523790 scopus 로고
    • Efficient inference in a random coefficient regression model
    • Swamy P.A.V.B. Efficient inference in a random coefficient regression model. Econometrica 1970, 38(2):311-323.
    • (1970) Econometrica , vol.38 , Issue.2 , pp. 311-323
    • Swamy, P.A.V.B.1
  • 55
    • 69849105007 scopus 로고    scopus 로고
    • Re-examining the financial development and economic growth nexus in Kenya
    • Wolde-Rufael Y. Re-examining the financial development and economic growth nexus in Kenya. Econ. Model. 2009, 26(6):1140-1146.
    • (2009) Econ. Model. , vol.26 , Issue.6 , pp. 1140-1146
    • Wolde-Rufael, Y.1
  • 56
    • 84890718212 scopus 로고    scopus 로고
    • World Bank, World Development Indicators. Washington D.C.
    • World Bank, 2008. World Development Indicators. Washington D.C.
    • (2008)
  • 57
    • 84946357749 scopus 로고
    • An efficient method of estimating seemingly unrelated regressions and tests for aggregation bias
    • Zellner A. An efficient method of estimating seemingly unrelated regressions and tests for aggregation bias. J. Am. Stat. Ass. 1962, 57:348-368.
    • (1962) J. Am. Stat. Ass. , vol.57 , pp. 348-368
    • Zellner, A.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.