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Review of Financial Economics 11 (2002) 131–150
Financial development and economic growth
Another look at the evidence from developing countries
Yousif Khalifa Al-Yousif *
Department of Economics, United Arab Emirates University, P.O. Box 25306, Abu-Dhabi, United Arab Emirates
Received 4 January 2001; received in revised form 5 July 2001; accepted 4 February 2002
Abstract
The present paper examines the nature and direction of the relationship between financial
development and economic growth using both time-series and panel data from 30 developing countries
for the period 1970–1999. The choice of the sample was determined by the availability of data. As
such, the exclusion of other developing countries is due to the fact that the data on these countries are
missing for some years. The empirical results strongly support the view that financial development and
economic growth are mutually causal, that is, causality is bidirectional. There is also some support for
the other views presented in the literature (supply-leading, demand-leading, and no relationship) but it
is not as strong as that for the bidirectional causality. Moreover, the findings of the present paper
accords with the view of the World Bank and other empirical studies that the relationship between
financial development and economic growth cannot be generalized across countries because economic
policies are country specific and their success depends, among others things, on the efficiency of the
institutions implementing them. D 2002 Elsevier Science Inc. All rights reserved.
JEL classification: O16; G18; G28
Keywords: Financial development; Economic growth
* Fax: +971-2-4436376.
E-mail address : subhanah@emirates.net.ae (Y. Khalifa Al-Yousif).
1058-3300/02/$ – see front matter D 2002 Elsevier Science Inc. All ri
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