قياس أثر التطور المالي على النمو الاقتصادي في عينة من الدول النامية باستخدام نموذج الانحدار الذاتي للإبطاء الموزع ARDL للفترة (1960-2010)‎

Abstract EN

The theoretical and Practical controversy between the financial development and economic growth still exists and as this relationship varies among countries and regions.

Thus, it is necessary to be diagnosed in detail in order to provide the basic requirements for resources planning and management in macro economic.

This study aims at finding out the impact of financial development on the economic growth rate in a group of Asian countries with similar income levels classified by the World Bank through using the Autoregressive Distributed Lag (ARDL) approach to analyze the Co-integration developed by (Pesaran et al., 2001) and then to test the long and short-term relationship by using the Unrestricted Error Correction Model (UECM) and (F) statistics for boundaries among the financial development indicator, real economy, financial markets and economic growth for the Period (1960-2010).

The Co-integration test indicats that there is a significant positive relationship between the financial development, represented by the local credit factor granted to the private sector, and the economic growth.

In the short term this relationship, however, turned into a negative one and this direction supports by the causal relationship, this result agrees with the financial development hypothesis as a leader for the economic growth.