期刊名称：European Journal of Business and Social Sciences
印刷版ISSN：2235-767X
出版年度：2015
卷号：3
期号：11
页码：62-78
出版社：European Society of Business and Social Sciences
摘要：This paper examines the relationship between financial development and economic growth in Kenya using annual time series data. The analysis techniques employed in this study was autoregressive distributed lag (ARDL). This approach was useful in handling small sample size like in this study and to address the problem of endogeneity since the relationship between financial development and economic growth cannot be determined on a priori grounds. The results revealed that financial development exerts a positive and statistically significant effect on economic growth in Kenya hence confirming supply leading hypothesis. This was confirmed both in the short-run as well as in the long-run regression results. From policy perspective the policy makers need to formulate financial sector reform policies to ensure a well-functioning financial system that promotes domestic credit especially to productive sectors of the economy.
关键词：Economic Growth; Financial Development; Co;integration; Kenya
