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Finance-Growth Nexus in Africa: A Panel Generalized Method of Moments (GMM) Analysis

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  • Michael Adusei

Abstract

The paper uses the dynamic GMM Model to examine the finance-growth nexus with panel data (1981-2010) from 24 African countries. Evidence suggests that there is a positive relationship between finance and economic growth and that there is a bi-directional causal relationship between finance and economic growth. To the extent that financial development and economic growth Granger-cause each other, we assert that policies directed at any of the two , if efficiently and vigorously pursued, could be beneficial to the study countries.

Suggested Citation

  • Michael Adusei, 2013. "Finance-Growth Nexus in Africa: A Panel Generalized Method of Moments (GMM) Analysis," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 3(10), pages 1314-1324.
    • Handle: RePEc:asi:aeafrj:v:3:y:2013:i:10:p:1314-1324:id:1091
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    Cited by:

    1. Sani Ibrahim, Mr. Saifullahi & Muhammad, Mr. Abubakar, 2013. "Information and Communication Technology and Bank Performance in Nigeria: A Panel Data Analysis," MPRA Paper 49062, University Library of Munich, Germany.
    2. Nigo, Ayine R.S. & Gibogwe, Vincent, 2023. "Empirical Research on Financial Efficiency and Economic Growth in Sub-Saharan Africa," MPRA Paper 116041, University Library of Munich, Germany, revised 14 Dec 2022.
    3. John MacCarthy & Paul Muda & Prince Sunu, 2022. "Tax Revenue and Economic Growth Nexus in Ghana: Co-integration and Granger causality Test," Bulletin of Applied Economics, Risk Market Journals, vol. 9(2), pages 15-35.
    4. Amar Anwar & Ichiro Iwasaki, 2023. "The finance–growth nexus in the Middle East and Africa: A comparative meta‐analysis," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(4), pages 4655-4683, October.
    5. Chen, Naiwei & Yu, Min-Teh, 2024. "Less is more: Evidence from firms with low cash and debt," Research in International Business and Finance, Elsevier, vol. 69(C).
    6. IWASAKI, Ichiro & ONO, Shigeki, 2023. "Economic Development and the Finance-Growth Nexus : A Meta-Analytic Approach," CEI Working Paper Series 2023-06, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    7. Gergana Mihaylova-Borisova, 2023. "Determinants of Credits on Private Sector in CEE Countries," Economic Research Guardian, Weissberg Publishing, vol. 13(1), pages 2-15, June.
    8. Bosede Ngozi Adeleye & Ismail Bengana & Abdelaziz Boukhelkhal & Mohammad Musa Shafiq & Hauwah K. K. Abdulkareem, 2022. "Does Human Capital Tilt the Population-Economic Growth Dynamics? Evidence from Middle East and North African Countries," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 162(2), pages 863-883, July.
    9. Vít Pošta & Aziya Mukusheva & Nurilya Kuchukova, 2022. "Economic Performance and Financial Stability: Case of the Eurasian Economic Union," Journal of Economics / Ekonomicky casopis, Institute of Economic Research, Slovak Academy of Sciences, vol. 70(1), pages 22-35, January.
    10. Vít Pošta & Aziya Mukusheva & Nurilya Kuchukova, 2022. "Economic Performance and Financial Stability: Case of the Eurasian Economic Union," Journal of Economics / Ekonomicky casopis, Institute of Economic Research, Slovak Academy of Sciences, vol. 1(1), pages 22-35, January.
    11. Kizito Uyi Ehigiamusoe & Hooi Hooi Lean, 2018. "Tripartite Analysis of Financial Development, Trade Openness and Economic Growth: Evidence from Ghana, Nigeria and South Africa," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 12(2), June.

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