Islamic financial development and economic growth: Evidence from MENA and south-East-Asia countries.
Mots-clés :
Islamic finance development, Economic growth, MENA and South-East Asia countries, GMMRésumé
Islamic finance is currently one of the fastest growing segments over the last decade in the financial market industry in the MENA and South-East Asia. While past studies have funded that the banking sector development as a determinant of economic growth, the role of Islamic finance is still heavily debated and very few research is available. The purpose of this paper is to examine the effect of Islamic banking on economic growthin the case of Middle East, North African (MENA) and South-East Asia countries. To achieve this goal, econometric issues will be based on estimation of a dynamic panel model with GMM estimator. In order to capture the different aspect of Islamic financial development, four different indicators are used. Empirical results show that the development of Islamic banking leads to higher economic growth for all measurements of Islamic financial development.
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