Financial development and economic growth: Case of Morocco
The main role of financial systems in all economies is to improve the efficiency of the allocation of capital and to encourage savings, thereby stimulating economic growth. The relationship between financial development and economic growth has been one of the hottest and most debated questions for a long time by economists. This article proposes to examine the relationship between financial development and economic growth in Morocco for the period 1980-2015. We use the autoregressive time-lag model (ARDL) for 35 years. Nous utilisons le modèle autorégressif à retards échelonnés (ARDL) pour 35 années. Econometric estimates show that when measuring the financial development of the banking market by the following variable: bank credit (BC), one generally arrives at a positive and significant link between the financial development of the banking market and economic growth. Second, when we measure the financial development of the stock market by market capitalization (MC), we arrive at a positive link between the financial development of the stock market and economic growth.
Copyright (c) 2021 Jamal Sekali, Mohamed Bouzahzah
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