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Does financial development cause economic growth? An empirical investigation drawing on the Moroccan experience

Research output: Working paper

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Does financial development cause economic growth? An empirical investigation drawing on the Moroccan experience. / Alaoui Moustain, F Z.

Lancaster University : The Department of Economics, 2004. (Economics Working Paper Series).

Research output: Working paper

Harvard

Alaoui Moustain, FZ 2004 'Does financial development cause economic growth? An empirical investigation drawing on the Moroccan experience' Economics Working Paper Series, The Department of Economics, Lancaster University.

APA

Alaoui Moustain, F. Z. (2004). Does financial development cause economic growth? An empirical investigation drawing on the Moroccan experience. (Economics Working Paper Series). The Department of Economics.

Vancouver

Alaoui Moustain FZ. Does financial development cause economic growth? An empirical investigation drawing on the Moroccan experience. Lancaster University: The Department of Economics. 2004. (Economics Working Paper Series).

Author

Alaoui Moustain, F Z. / Does financial development cause economic growth? An empirical investigation drawing on the Moroccan experience. Lancaster University : The Department of Economics, 2004. (Economics Working Paper Series).

Bibtex

@techreport{04095192652c4012908dae0b49accef0,
title = "Does financial development cause economic growth? An empirical investigation drawing on the Moroccan experience",
abstract = "This paper explores the causality issue between financial development and economic growth in the Moroccan context over the period 1970-2000 based on Granger causality tests. The evidence presented in this paper suggests a spasmodic short-term, rather than long-term causality relationship between finance and growth. These findings may be attributed to the newness of financial sector reforms in Morocco, along with the absence of an appropriate investment climate required to foster significant private investment and promote growth in the long run. In addition, aggregate data suggest that financial deepening in Morocco benefited household and government consumption more than private sector investment. An empirical investigation of the impact of credit to the private sector on consumption is therefore provided and confirms the hypothesis that the expansion of credit to the private sector witnessed in Morocco since the reforms have helped maintain consumption patterns, even during times of hardship.",
author = "{Alaoui Moustain}, {F Z}",
year = "2004",
language = "English",
series = "Economics Working Paper Series",
publisher = "The Department of Economics",
type = "WorkingPaper",
institution = "The Department of Economics",

}

RIS

TY - UNPB

T1 - Does financial development cause economic growth? An empirical investigation drawing on the Moroccan experience

AU - Alaoui Moustain, F Z

PY - 2004

Y1 - 2004

N2 - This paper explores the causality issue between financial development and economic growth in the Moroccan context over the period 1970-2000 based on Granger causality tests. The evidence presented in this paper suggests a spasmodic short-term, rather than long-term causality relationship between finance and growth. These findings may be attributed to the newness of financial sector reforms in Morocco, along with the absence of an appropriate investment climate required to foster significant private investment and promote growth in the long run. In addition, aggregate data suggest that financial deepening in Morocco benefited household and government consumption more than private sector investment. An empirical investigation of the impact of credit to the private sector on consumption is therefore provided and confirms the hypothesis that the expansion of credit to the private sector witnessed in Morocco since the reforms have helped maintain consumption patterns, even during times of hardship.

AB - This paper explores the causality issue between financial development and economic growth in the Moroccan context over the period 1970-2000 based on Granger causality tests. The evidence presented in this paper suggests a spasmodic short-term, rather than long-term causality relationship between finance and growth. These findings may be attributed to the newness of financial sector reforms in Morocco, along with the absence of an appropriate investment climate required to foster significant private investment and promote growth in the long run. In addition, aggregate data suggest that financial deepening in Morocco benefited household and government consumption more than private sector investment. An empirical investigation of the impact of credit to the private sector on consumption is therefore provided and confirms the hypothesis that the expansion of credit to the private sector witnessed in Morocco since the reforms have helped maintain consumption patterns, even during times of hardship.

M3 - Working paper

T3 - Economics Working Paper Series

BT - Does financial development cause economic growth? An empirical investigation drawing on the Moroccan experience

PB - The Department of Economics

CY - Lancaster University

ER -