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DÉVELOPPEMENT FINANCIER, INSTABILITÉ FINANCIÈRE ET CROISSANCE ÉCONOMIQUE : UN RÉEXAMEN DE LA RELATION

Region et Developpement 32:9-30.
Source: RePEc

ABSTRACT Cet article fournit une évaluation empirique de la relation entre le développement financier et la croissance économique, en prenant en compte l’instabilité financière. L’analyse porte sur un échantillon de 71 pays et couvre la période 1960-2004. Les résultats obtenus à l'aide d'une analyse en coupe transversale et sur panel dynamique montrent une relation positive entre le développement financier et la croissance à court et à long terme. Nous trouvons également que l'instabilité financière est sans incidence sur la croissance économique et sur le lien entre cette dernière et le développement financier à long terme. Par contre, à court terme l'instabilité financière a un effet négatif aussi bien sur le taux de croissance économique que sur la relation entre le développement financier et la croissance. Abstract - This paper provides an empirical analysis of the relationship between financial development and economic growth. Different measures of financial instability are implemented in the analysis. Using cross section and dynamic panel for 71 countries over the period 1960-2004, the results show that there exists a positive link between financial development and economic growth both in the short and long run. On the one hand, we find that financial instability does not affect economic growth, nor the link between the latter and financial development in the long-term. On the other hand, in the short run, financial instability has a negative impact not only on economic growth but also on finance-growth nexus.

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