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Intermediation Financiere Et Croissance Economique En Republique Democratique Du Congo
[Financial Intermediation And Economic Growth In Dr Congo]

Author

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  • LONZO LUBU, Gastonfils
  • KABWE OMOYI, Fanny

Abstract

The purpose of this article is to evaluate the effect of financial intermediation on economic growth in the Democratic Republic of Congo (DRC) during the period from January 2001 to December 2012. The study is based on two econometric approaches to first, the direct approach, using Ordinary Least Squares (OLS), then the indirect approach through causality test Granger and the instrumental variable method (2SLS, GMM, LIML). The results of four econometric approaches reinforce and suggest that financial intermediation has a positive and significant effect on economic growth in the DRC and it directly or through an indirect channel through inflation, exchange rate and money supply before impacting on the level of overall economic activity. These results also tell us about the vulnerability of the financial intermediation function by Congolese commercial banks in financing growth sectors with high demand the hand of Congolese work (agriculture, construction and industry); Indeed, the share of credit to companies and individuals is low and short-term finance and mainly letter of import documentary credit(leakage), so it is not addressed to the internal structure of the Congolese economy. These results also tell us that monetary authorities in the DRC have an interest in implementing reforms on measures favorable to the emergence of an efficient financial system. L’objectif de cet article consiste à évaluer l’effet de l’intermédiation financière sur la croissance économique en République Démocratique du Congo (RDC)pendant la période de Janvier 2001 à Décembre 2012. L’étude est basée sur deux approches économétriques, d’abord l’approche directe, à l’aide de Moindre Carrés Ordinaire (OLS),ensuite l’approche indirecte grâce au test de causalité au sens de Granger ainsi que la méthode à variable instrumentale (2SLS, GMM, LIML).Les résultats de quatre approches économétriques se confortent et suggèrent que l’intermédiation financière exerce un effet positifet significatif sur la croissance économique en RDC et cela directement ou grâce à un canal indirect passant par l’inflation, le taux de change et la masse monétaire avant d’impacter sur le niveau d’activité économique globale. Ces résultats nous enseignent aussi sur la vulnérabilité de la fonction d’intermédiation financière parles banques commerciales congolaises dans le financement des secteurs porteurs à forte demande la main d’œuvre congolaise (agriculture, construction et industrie); en effet, la part de crédit accordé aux entreprises et particuliers est faible et de court terme, et finance essentiellement lette deCrédit documentaire à l’importation (fuite), donc elle n’est pas adressée à la structure interne de l’économie congolaise. Ces résultats nous enseignent égalementque les autorités monétaires de la RDC ont intérêt à mettre en place des reformes sur des mesures favorables à l’émergence d’un système financier efficace.

Suggested Citation

  • LONZO LUBU, Gastonfils & KABWE OMOYI, Fanny, 2015. "Intermediation Financiere Et Croissance Economique En Republique Democratique Du Congo [Financial Intermediation And Economic Growth In Dr Congo]," MPRA Paper 61261, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:61261
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    References listed on IDEAS

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    More about this item

    Keywords

    Croissance économique; système financier; causalité; Vulnérabilité financière. Economic growth; financial system; causality; financial vulnerability.;
    All these keywords.

    JEL classification:

    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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