Table 1 Literature review excluding Cameroon
From: Financial sector development and economic growth: evidence from Cameroon
Panel 1: Financial development and economic growth out of Cameroon | |||
|---|---|---|---|
Authors | Country/Region | Methodology | Main findings |
Fry (1988) | 14 Asian developing countries | parametric and nonparametric estimation techniques | Positive impact |
Ikhide (1993) | Selected African countries | Panel regression | Positive impact |
Seck and ElNil (1993) | 30 African countries | Multivariate panel regression technique | Positive impact |
Luintel and Khan (1999) | 90 countries | Multivariate Vector Auto Regressive model | double-causality link between the variables of each country |
Christopoulos and Tsionas (2004) | 10 countries | model of multivariate co-integration | Long-term causality |
Beck et al. (2000) | 74 developed and developing countries | transversal analysis, Generalised Method of Moments (GMMs) | Positive impact |
Beck and Levine (2004) | 40 countries | Generalised Method of Moments (GMMs) | Positive impact |
Huran and Chun (2013) | 89 countries(INDs, EMEs, ODCs) | Bayesian dynamic factor model | -Positive impact (INDs,EMEs) -No Impact (ODCs) |
Kar and Pentecost (2000) | Turkey | Granger causality, Co-intergration, Vector Error Correction Model (VECM) | Unidirectional causality (Economic growth to Financial development) |
Güryay et al. (2007) | Northern Cyprus | Ordinary Least Squares techniques | Positive impact (Insignificant) |
Islam et al. (2004) | Bangladesh | Granger causality | Causal direction (economic growth to financial development) |
Adusei (2013) | Ghana | - Cointergration - FMOLS(Fully-Modified Ordinary Least Squares) - Error correction - GMM | -negative impact: Financial development undermines economic growth (Financial development is an anti-growth factor) |
Levine and Zervos (1996) | 49 countries | Cross-country regression analysis | Robust correlation (No relation of stock market volatility, capitalisation and international financial integration with economic performance) |
Al-Malkawi et al. (2012) | United Arab Emirates | ARDL approach | They found that there existed a negative relationship between economic growth and development of financial sector and also bidirectional causality between economic growth and development of Financial sector. |
Bloch and Tang (2003) | 75 countries | Time-series analysis | They found that there existed no significant relationship between economic growth and development of financial sector. |
King and Levine (1993) | 80 countries | Contemporaneous regressions and sensitivity analyses | They determined a strong correlation between economic growth and development of financial sector. |
Jeanneney et al. (2006) | China | Generalized method of moment system estimation | They reached the finding that development of financial sector affected Productivity growth positively. |
Yıldırım et al. (2013) | Emerging European economies (Bulgaria, Croatia, Hungary, Latvia, Lithuania,Poland, Romania,Russia, Turkey, and Ukraine) | Asymmetric causality test based on stationary Toda-Yomamoto approach | They found that there was unidirectional causality from economic growth to development of financial sector. |
Hakeem and Oluitan (2013) | 24 sub-Saharan countries | Panel co-integration test, impulse-response and sensitivity analyses | They found there existed unidirectional causality from real output to development of financial sector. |
De Gregorio and Guidotti (1995) | A large number of countries | panel data regressions with random effects | Negative impact (in Latin America) |
Adu et al. (2013) | Ghana | autoregressive distributed lag model (ARDL) | Negative impact (when broad money stock to GDP ratio is used as proxies of financial development) |
Ujunwa and Salami (2010) | Nigeria | co-integration and error correction modelling technique | Negative impact (when stock market development is proxied by total value of shares traded) |
Bernard and Austin (2011) | Nigeria | Ordinary Least Square (OLS) regression techniques | Negative impact (when stock market development is proxied by market capitalization and value traded ratios) |
Andersen and Tarp (2003) | 74 countries | Panel GMM regression | No impact |
Ram (1999) | 95 countries | Multiple-growth regression model | No impact |