Disconnection between the Financial Sphere and the Real Sphere: Theoretical Foundations and Empirical Investigation

Although several studies of theoretical and empirical ones converge on the financial dimension in economic growth, they do not actually provide real common response to the problem of the possible interaction between the real economy and the financial. In fact, the interrelationship between financial development and economic growth arises more acutely and becomes increasingly uncertain to know is that the financial activity that stimulates real or vice versa. Who rightly, Schumpeter argues that: "Financial institutions are required to technological innovation underlying growth" or Robinson says, "Where growth leads; finance follows. »The question posed in this article question then is at the intersection of two areas, namely finance and economics. We will be interested throughout this research to the Tunisian context by using a methodology that is first to apply the test cointegration between the rate of return on equity and the rate of growth in economic activity real. While in second place, we will adopt the technique of error correction (VECM) to be considered in order to understand the dynamics between the variables studied in the short and long term. Finally, the causality test will be the third step of our methodology to detect the direction and magnitude of the causal relationship between the two spheres studied.