The Role of Financial Development on Economic Growth in South Africa

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Uluslararası İşletme ve Ekonomi Çalışmaları Dergisi
Cilt: 7 Sayı: 3
The Role of Financial Development on Economic Growth in South Africa

The Role of Financial Development on Economic Growth in South Africa

Authors : Sevgi Sumerli Sarıgül, Murat Çetin

Pages : 219-230

Doi:10.54821/uiecd.1775746

View : 50 | Download : 76

Publication Date : 2025-09-30

Article Type : Research Paper

Abstract :South Africa has long been a prominent example of economic growth, unlike other African countries. Therefore, this study investigates the financial development-economic growth link employing time-series techniques over the period 1990-2022. It also incorporates energy efficiency, trade openness, and government spendings into the economic growth model. The study uses the ARDL bounds test to analyze the cointegration relationship and the FMOLS estimator for long-term coefficient estimates. The estimates suggest that financial development accelerates economic growth. Therefore, the \\\"financial development-driven economic growth\\\" hypothesis is proven for the South African economy. The estimates also suggest that energy efficiency, trade openness, and government spendings support economic growth. These results may offer important recommendations for growth policies in the South African economy.
Keywords : Finansal Gelişme, Ekonomik Büyüme, ARDL, FMOLS, Güney Afrika

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