The Transmission Channels from Financial Development to Economic Growth: An Empirical Analysis in the CEMAC Zone



This article provides an empirical assessment of the transmission channel of the relationship between financial development and the sources of economic growth, namely, the growth rate of GDP per capita, the growth rate of capital and global productivity of factors. The analysis covers the period 1985 - 2014 and covers a sample of six countries of the Economic and Monetary Community of Central Africa (CEMAC). Using econometrics of panel data methodology, we show that the predominant transmission channel from financial development to growth is that of factor productivity. Concerning resources collection, financial development affects economic growth positively; while difficulties in accessing bank credit freezes the financing of productive investment and damage economic growth. In other to let financial development useful to economic development, it is necessary to adopt appropriate financial policies.

Keywords: Financial Development, Economic Growth, Panel data, CEMAC

Full Text: PDF
Download the IISTE publication guideline!

To list your conference here. Please contact the administrator of this platform.

Paper submission email:

ISSN (Paper)2222-1700 ISSN (Online)2222-2855

Please add our address "" into your email contact list.

This journal follows ISO 9001 management standard and licensed under a Creative Commons Attribution 3.0 License.

Copyright ©