Financial Development and Economic Growth in Cemac Countries

Nembot Ndeffo Luc; Dr. KUIPOU TOUKAM Christophe

Financial Development and Economic Growth in Cemac Countries

Nembot Ndeffo Luc * §

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Dr. KUIPOU TOUKAM Christophe

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University of Dschang

Financial Development and Economic Growth in Cemac Countries

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Abstract

The main aim of this research work is to determine the relationship that exists between financial development and the growth rate of per capita real GDP in CEMAC countries using panel data estimation techniques. It emphasises the reciprocal impact of financial development on growth in order to determine the type of relationship that exist and make policy recommendations.To do this, we measured financial development and economic growth with the liquidity rate and the growth rate of per capita real GDP respectively.We tested these two measures in a static panel model using Ordinary Least Squares (OLS) for the first model and Feasible Generalised Least Squares (FGLS) for the second. Based on the results obtained from data on these countries for the period from 1980 to 2006, we established that financial developmentnegatively affects economic growth and that the inverse positive relationship is not significant.These results, coupled with those of Granger causality test, allow us to show that there exists a unidirectional causality running from economic growth to financial development in CEMAC countries. We concluded by making policy recommendations in order to ameliorate this relationship.

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

Ethical Approval

No ethics committee approval was required for this article type.

Data Availability

Not applicable for this article.

How to Cite This Article

Nembot Ndeffo Luc, Dr. KUIPOU TOUKAM Christophe. 1970. "Financial Development and Economic Growth in Cemac Countries". Global Journal of Management and Business Research - B: Economic & Commerce GJMBR-B Volume 12 (GJMBR Volume 12 Issue B1).

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GJMBR Volume 12 Issue B1

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Journal Specifications

Crossref Journal DOI 10.17406/GJMBR

Print ISSN 0975-5853

e-ISSN 2249-4588

Keywords

CEMAC direction of relationship Economic Growth financial development Panel Data

Classification

GJMBR-B Classification JEL Code: G100

O470

Submission ReceivedDecember 8, 2011
Peer Review Double Blind
Handling Editor
Accepted December 31, 2011
Published January 15, 2012

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v1.2

Language

English

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Article Matrices

Total Score: 155

Country: Cameroon

Subject: Global Journal of Management and Business Research

Authors: Dr. KUIPOU TOUKAM Christophe, NEMBOT NDEFFO Luc ,TAFAH EDOKAT Edward (PhD/Dr. count: 1)

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Publish Date: 2012 01, Sun

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Total Views: 6.6K

Total Downloads: 464

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