期刊名称：Topics in Middle Eastern and North African Economies
出版年度：2019
卷号：21
期号：1
页码：68-84
出版社：Loyola University Chicago
摘要：Using system panel GMM dynamic panel on a sample of nineteen MENA countries over the period 1990– 2014, the study estimates the effect of financial stability on economic growth. Using the principalcomponent analysis to create a composite index of financial stability consisting of a banking crisis dummyvariable, the ratio of credit to government and state-owned enterprises to GDP, and the ratio of domesticcredit to private sector as a percent of GDP, the estimation results show financial stability in the MENAregion is important for boosting economic growth in the region. Furthermore, when dividing the samplebetween oil and non-oil exporters, the results suggests no statistically significant difference between thetwo groups in terms of the impact of financial stability on economic growth. Our results are robust to theuse of different fixed effects and random effects estimation methodologies.
关键词：Financial Stability; Economic Growth; System GMM; Fixed Effects; MENA Countries
