أثر القطاع المالي على النمو الإقتصادي دراسة حالة الجزائر تونس والمغرب 2020/1990

Abstract

The study aims to test the relationship between the financial sector and economic growth in the Maghreb countries (Algeria, Tunisia, Morocco) during the period (1990- 2020) using the ARDL panel model, where three indicators were used, government spending GD, credit granted to the private sector, CP, monetary mass M2. The findings stress that, there is no significant relationship between loans given to private sector and economic growth, but an inverse significant relationship between the size of the money supply and economic growth in the long term. In the short term, there is a significant inverse relationship between growth rates and all variables, and this is in contrast to the result obtained in the long run, i.e. The money supply negatively affects economic growth. There is also a significant inverse relationship between growth and the rest of the independent variables in the short term. Accordingly, it can be said that the relationship between the financial sector and economic growth is an inverse relationship, which indicates that the financial sector in the sample countries still has not reached a level that could positively affect the economic growth of these countries.