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From Financial Development to Economic Growth and Vice Versa: A Review of International Experience and Policy Lessons for Africa

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  • Laurence Harris

Abstract

A large body of econometric studies in the past two decades has yielded considerable knowledge of the connection between financial development and economic growth, as experienced by a wide range of countries. A consensus view that financial development positively conditions or promotes economic growth emerged at an early stage. This paper argues that the evidence does not, however, provide a strong basis for policy in Africa, or, indeed, in specific countries elsewhere. Copyright 2012 , Oxford University Press.

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  • Laurence Harris, 2012. "From Financial Development to Economic Growth and Vice Versa: A Review of International Experience and Policy Lessons for Africa," Journal of African Economies, Centre for the Study of African Economies, vol. 21(suppl_1), pages -106, January.
    • Handle: RePEc:oup:jafrec:v:21:y:2012:i:suppl_1:p:-i106
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    File URL: http://hdl.handle.net/10.1093/jae/ejr041
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    Cited by:

    1. Ghulam Akhmat & Khalid Zaman & Tan Shukui, 2014. "Impact of financial development on SAARC’S human development," Quality & Quantity: International Journal of Methodology, Springer, vol. 48(5), pages 2801-2816, September.
    2. Phan Thanh Chung & Sizhong Sun & Diem Thi Hong Vo, 2019. "How Does Financial Development Interact With Economic Growth In Five Asean Countries?," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 64(03), pages 441-460, June.
    3. Zhang, Yu Yvette & Boadu, Frederick O., 2012. "Stock Exchange Development and Economic Growth in Sub-Saharan Africa (SSA)," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124608, Agricultural and Applied Economics Association.

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