Financial Development, Institutions and Economic Growth in North African Countries
Financial Development, Institutions and Economic Growth in North African Countries
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北非国家的金融发展、机构和经济增长
DOI：
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发表时间：
2018
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通讯作者：
Imen Mohamed Sghaier
中科院分区：
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作者：
Imen Mohamed Sghaier
本文以北非四国（突尼斯、摩洛哥、阿尔及利亚和埃及）为研究对象，考察了1996 - 2015年5年间金融发展（FD）、制度与经济增长之间的关系。运用动态广义矩方法对面板数据进行分析，发现金融衍生品对经济增长具有正向影响。我们还发现，机构似乎是作为一种补充，FD和，FD的效果是更明显的机构质量变量的存在。作为一项政策影响，我们建议决策者特别重视执行导致金融体系深化的政策，包括健全的体制框架。因此，通过促进一国金融体系的发展，经济增长将得到加速。
This paper investigates the relationships between financial development (FD), institutions and economic growth on a panel of four North African countries (Tunisia, Morocco, Algeria and Egypt), over a 5-year period from 1996 to 2015. Using the dynamic generalized method of moments (GMM) in a panel data analysis, we found that FD has a positive effect on economic growth. We also found that institutions appear to be working as a complement to FD and, that the effect of FD is more pronounced in the presence of the institutional quality variable. As a policy implication, we recommend that policy makers place special importance on implementing policies that result in the deepening of financial systems, including a sound institutional framework. Thus, by promoting the development of a country’s financial system, economic growth will be accelerated.