L'impact du système financier sur la croissance :: analyse et application à la CEMAC
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https://doi.org/10.57054/codesria.pub.836
Mots-clés :
Systèmes bancaires,, libéralisation des marchés financiers, croissance économique,, taux de change, investissements, système financier,, CEMAC,, Afrique centraleSynopsis
The financial system of the Economie and Monetary Community of Central Africa (EMCCA) is dominated by the formai financial system, in fact the banking structure. The post-colonial period was marked by a strong officia interventionism. The authorities carried out the nationalization of the financial institutions inherited colonization and the creation of new banks. They maintained control on the interest rate in order to minimize the credit charges to the public companies and certain sectors considered to be priority. However, the interventionism of the authorities did not give convincing results. This situation led the EMCCA to liberalize its financial system with an aim ofreinforcing the mobilization of the saving and the redistribution of the resources in order to increase the economic growth. ln spite of financial liberalization, the banks do not grant therefore the appropriations.lndeed, the models of endogenous growth specify that the development of the financial system has a
positive effect on the economic growth because it makes it possible to allocate a greater quantity of saving to the investments. The matter of this research task is to wonder about the relevance of this assertion. A critica examination of the review of literature enables us to analyze, from the theoretical and empirical point of view, the relation between the development of the financial system and the growth. An econometric analysis will enable us thereafter to test the impact of the financial system on the growth of the EMCCA. The use of the data of panel over the period 1985-2003, has made it possible to estimate the model without effects, the model for fixed effects and the model for random effects. At the end of these estimations, the model for fixed effects appears more robust. Our research leads to the following results: - the financial system has a positive impact on the growth of the EMCCA but its contribution is modest. lts coefficient is an elasticity equal to 0,56 what means that increase of 10% of the bank deposits (indicator of the financial development) only induced one increase of 5,6% of the real production per capital. - the interior credit rather has a negative incidence on the growth. - the domestic investment has a positive influence on the growth but its contribution is very weak. lts coefficient is an elasticity equal to 0,11 what means that rise of 10% of the rate of investment involves a rise only of 1,1% of the production. - financial liberalization does not have an effect on the growth, ils coefficient is not statistically significant. These various results enabled us to make recommendations of policies in order to clean up the macroeconomic, legal and financial environment. Key words: Financial system, Financial Liberalization, lnterest rate, Save, lnvestment, Credit, Economie policy and Economie growth
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