Financial Development and Income in North Africa |
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Authors: | Mina Baliamoune-Lutz |
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Affiliation: | (1) University of North Florida, 1 UNF Drive, Jacksonville, FL, USA |
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Abstract: | We explore the short-run dynamics and long-run relationship between income and financial development in Algeria, Egypt, and Morocco. We use co-integration and VECM models and four indicators of financial development. The empirical results indicate that there is a long-run relationship between income and each financial development indicator, except credit to the private sector in Algeria. On the other hand, Granger-causality test results indicate that the evidence on the direction of causality is mixed. |
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Keywords: | North Africa Financial development Economic growth VECM Arab countries |
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