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Theoretical and Applied Economics
No. 1 / 2017 (610), Spring

Financial development, trade openness and economic growth in MENA countries: TYDL panel causality approach

Hicham AYAD
University of Abu Bakr Belkaid Tlmecen, Algeria
Mostéfa BELMOKADDEM
University of Abu Bakr Belkaid Tlmecen, Algeria

Abstract. This paper examines the causal relationship between financial development (measured as Kaopen index and Line and Milesi-Ferreti index), trade openness and economic growth for 16 MENA countries within the panel co-integration techniques, panel VAR model and TYDL (Toda, Yamamoto, Dolado and Lutkepohl) Granger causality (1996), the empirical results show that both of finance-led growth and trade-led growth hypothesis seem to be rejected for the group as a whole. The results imply that financial development and trade liberalization do not seem to have made a significant impulse on economic growth for the period 1980-2014.

Keywords: Financial development; Trade openness; Kaopen index; Milesi-Ferreti index; TYDL Granger causality.

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