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Finance-growth nexus : evidence from Angola
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Orientador(es)
Resumo(s)
This study examines the relationship between financial development and economic growth
in Angola for the period of Q12002 to Q42018. The results show that there is evidence of a long-run
relationship between financial development and real GDP per capita, when using the Bound test approach
for cointegration. Furthermore, the results of the Error Correction Model (ECM) indicate that financial
development has a negative impact on GDP growth when considering credit to private and broad money as
proxies for financial development. On the other hand, the degree of intermediation has a positive impact on
GDP growth. The Toda–Yamamoto causality test was carried out, which indicates a unidirectional
causality relationship, running from real GDP per capita to a purely financial development proxy, which
shows demand-following responses. Consequently, policymakers should adopt policies that sustain the
benefits of financial developments for economic growth.
Descrição
Palavras-chave
Autoregressive-distributed Lag Economic growth financial development Angola
Contexto Educativo
Citação
Ferreira, Manuel Ennes, Jelson Serafim e João Dias (2022). "Finance-growth nexus : evidence from Angola". REM Working paper series, nº 0227/2022
Editora
ISEG - REM - Research in Economics and Mathematics