DEVELOPPEMENT FINANCIER, INSTITUTIONS ET CROISSANCE ECONOMIQUE EN AFRIQUE SUBSAHARIENNE : COINTEGRATION ET CAUSALITE PAR LES VAR EN PANEL

Idrissa Yaya DIANDY

Résumé


The purpose of this article is to examine the link between financial development and growth, while taking into account the quality of the institutional environment. The sample is composed of 20 countries in sub-Saharan Africa over a period from 1980 to 2015. First, an exploratory analysis shows that the calculated financial development index is very weakly correlated with the quality of institutions. Thereafter, the panel VAR model shows an unidirectional causality, from growth to financial development for the group of countries with a relatively low level of financial market development and from financial development to growth for the group of countries with higher financial maturity.


Mots-clés


Financial development, Growth, Institutions, Causality, Panel data. Jel Classification :G21, O16, O40

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ISSN : 2489-1290

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