Financial development and economic growth in the organization of islamic conference countries

Document Type

Article

Publication Date

1-1-2011

Abstract

This study provides evidence on the role of financial development in accounting for economic growth in OIC countries. To document the relationship between financial development and economic growth, we estimate not only unbalanced panel regressions, but also variance decompositions of annual GDP per capita growth rates to examine what proxy measures are most important in economic growth over time and how much they contribute to economic growth among OIC countries. We find positive association between financial development and economic growth in OIC developing countries. Moreover, short-term multivariate analysis implies one-way causality that runs from growth to finance.

Publication Title

Journal of King Abdulaziz University, Islamic Economics

First Page Number

145

Last Page Number

172

DOI

10.4197/Islec.24-1.6

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