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The causal nexus between financial development and economic growth in Kenya
Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.ORCID iD: 0000-0002-8145-1000
COMSATS Institute of Information Technology, Lahore, Pakistan.
2013 (English)In: Economic Modelling, ISSN 0264-9993, E-ISSN 1873-6122, Vol. 35, 701-707 p.Article in journal (Refereed) Published
Abstract [en]

This paper aims to reexamine the relationship between financial development and economic growth in Kenya over the period of 1971–2011. Since the financial sector plays a vital role in mobilizing and allocating savings into productive ventures, the core issue of this investigation remains important for developing economics. The examination is based on a Cobb–Douglas production augmented by incorporating financial development. A simulation based ARDL bounds testing and Gregory and Hansen's structural break cointegration approaches are being utilized in this study. Cointegration is being found between the series in the presence of a structural break in 1992. It is also being established that, in the long run, the development of the financial sector has a positive impact on economic growth. Here remains an important policy implication for the concerned individuals of Kenya, that is, they may emphasize on financial development to ignite economic growth.

Place, publisher, year, edition, pages
Elsevier, 2013. Vol. 35, 701-707 p.
Keyword [en]
Economic growth; Financial development; Kenya
National Category
Economics
Identifiers
URN: urn:nbn:se:liu:diva-102453DOI: 10.1016/j.econmod.2013.08.031ISI: 000329532100085OAI: oai:DiVA.org:liu-102453DiVA: diva2:678109
Available from: 2013-12-11 Created: 2013-12-11 Last updated: 2017-12-06Bibliographically approved

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Uddin, Gazi SalahSjö, Bo

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