مجلة بحوث الإدارة والاقتصاد
Volume 5, Numéro 4, Pages 516-533
2023-12-31
The Causal Relationship Between Financial Development Andeconomicgrowth In Arabic Countries: Panel And Frequency Domainanalysis
Authors : Ziane Baghdad . Ayad Hicham .
Abstract
This study is the first attempt to examine the causal relationship between financial development and economic growth in 18 Arabic countries as a group and individually over the period 1980-2020. Unlike previous studies, we use the new composite index of financial development presented by Svirydzenka (2016) which accounts for the multidimensionality of financial development (depth, access and efficiency of markets and institutions). The paper revisits the causality within Dumitrescu-Hurlin panel causality and frequency domain spectral causality technique depending on Breitung-Candelon procedure. Accordingly, our findings show that there is a unidirectional causal relationship running from financial development to economic growth in the full sample supporting the supply leading hypotheses. In time series analysis, the results show that there is no causal relationship between the two variables in 8 countries. Thus, financial development and economic growth at most frequency levels are independent, on the other hand, the results reveal the supporting of supply leading hypotheses in 6 countries and the feedback hypotheses only in Tunisia for the long run term and demand following in Mauritania, Lebanon and Sudan.
Keywords
Financial development ; Economic growth ; Arabic countries ; Panel data ; Frequency domain causality. on j bvç ç
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