International Journal of Econometrics and Financial Management

ISSN (Print): 2374-2011

ISSN (Online): 2374-2038

Editor-in-Chief: Tarek Sadraoui

Website: http://www.sciepub.com/journal/IJEFM

   

Article

The Role of Uganda Securities Exchange in the Economic Growth of Uganda: An Econometric Analysis

1Faculty of Business and Development Studies, Gulu University, P. O. Box 166 Gulu, Uganda

2Department of Management, SMC University, Zug, Switzerland


International Journal of Econometrics and Financial Management. 2015, 3(3), 131-141
doi: 10.12691/ijefm-3-3-4
Copyright © 2015 Science and Education Publishing

Cite this paper:
Mshilla Maghanga, William Quisenberry. The Role of Uganda Securities Exchange in the Economic Growth of Uganda: An Econometric Analysis. International Journal of Econometrics and Financial Management. 2015; 3(3):131-141. doi: 10.12691/ijefm-3-3-4.

Correspondence to: Mshilla  Maghanga, Faculty of Business and Development Studies, Gulu University, P. O. Box 166 Gulu, Uganda. Email: mshilla2000@gmail.com

Abstract

This study focused on the role of the Uganda Securities Exchange (USE) in stimulating economic growth in Uganda based on the premise that its contribution is not evident and yet is has been documented that economic growth is accelerated once a stock exchange opens, and that, securities markets support economic growth and can increase economic efficiency, investment and growth of real gross domestic product (GDP) of a country. This quantitative study focused on a period of twenty five years (1986-2010). Autoregressive distributed lag (ARDL) bounds testing procedure was adopted because the Uganda’s stock market is not only small but also very young. The study variables included real GDP as a proxy of economic growth; while the proxies for the stock exchange development were shares traded, market turnover, and market capitalization. The sources of these data included Uganda Bureau os Statictics, Bank of Uganda, USE, Ministry of Finance and Economic Development, International Monetary Fund, and World Bank databases. Analyses were carried out using SPSS and SHAZAM computer softwares. Real GDP was established to be more closely correlated to market capitalisation [Pearson’s r = .973, Sig. (2-tail) = .000] than it is with the turnover [Pearson’s r = .634, Sig. (2-tail) = .036] and the shares traded [Pearson’s r = .730, Sig. (2-tail) = .011]. While a strong and statistically significant correlation was established between the economic growth and the Exchange, the Granger causality relationship findings were inconclusive further affirming that stock markets are not a sine qua non of economic growth. It was recommended that the government should support USE to attract more investors and become more vibrant. Also, USE should take advantage of the East African Stock Markets Association (EASEA) to grow its operations and market base.

Keywords

References

[1]  Aboudou, Maman Tachiwou (2009). Causality test between stock market development and economic growth in West African Monetary Union. Economia Seria Management Vol. 12, Nr. 2/2009.
 
[2]  Aboudou, Maman Tachiwou (2010). Stock Market Development and Economic Growth; The Case of West African Monetary Union. International Journal of Economics and Finance Vol. 2, No. 3, (August 2010) pp. 97103.
 
[3]  Abu, Nurudeen (2007). Does Stock Market Development Raise Economic Growth? Evidence from Nigeria. The Review of Finance and Banking Vol. 01, Issue 1 (2009), pp. 15-26.
 
[4]  Adamopoulos Antonios (2010). Stock Market and Economic Growth: An Empirical Analysis for Germany. Business and Economics Journal, Volume 2010: BEJ-1.
 
[5]  Agarwal R.N. (2003). Capital market development, corporate financing pattern and economic growth in India. Retrieved July 28, 2009, from http://www.iegindia.org/dispap/dis20.pdf.
 
Show More References
[6]  Agrawalla, Raman K. & Tuteja S. K. (2007). Causality between Stock Market Development and Economic Growth: A Case Study of India. Journal of Management Research, Volume 7, Number 3 . December 2007.
 
[7]  Ake Boubakari, Ognaligui Rachelle Wouono (2010). Financial Stock Market and Economic Growth in Developing Countries: The Case of Douala Stock Exchange in Cameroon. International Journal of Business and Management Vol. 5, No.5; May 2010.
 
[8]  Arestis, F., Demetriades P.O., & Luintel, K. B, (2001). Financial Development and Economic Growth:The Role Of Stock Markets. Journal of Money, Credit, and Bcmking. Vol. 33, No. I (February 2001).
 
[9]  Baier, S., Dwyer, G. P., & Tamura, R. (2003). Does opening a stock exchange increase economic growth? Working Paper 2003-36, Federal Reserve Bank of Atlanta.
 
[10]  Beck, Thorsten & Levine, Ross. (2002). Stock markets, banks, and growth: Panel evidence. Retrieved January 26, 2009, from http://ideas.repec.org/p/pra/mprapa 4714.html.
 
[11]  Cole, Rebel; Moshirian, Fari & Wu, Qionbing. (2007). Bank stock returns and economic growth. Retrieved January 26, 2009, from http://ideas.repec.org/p/pra/mprapa 4714.html.
 
[12]  Deb, Soumya Guha & Mukherjee, Jaydeep (2008). Does Stock Market Development Cause Economic Growth? A Time Series Analysis for Indian Economy. International Research Journal of Finance and Economics, ISSN 1450-2887 Issue 21 (2008).
 
[13]  Dhamija, Neha (2008). Key Indicators for Economic Growth. Economic News. Retrieved January 27, 2012, from http://www.economynews.in/kb/2008-11-21/Key_Indicators_for_Economic_Growth_2103.html
 
[14]  Frost, Jim (2012, April 5). Why you need to check your residual plots for regression analysis: or, to err is human, to err randomly is statistically divine. Retrieved January 27, 2013 from http://blog.minitab.com/blog/adventures-in-statistics/why-you-need-to-check-your-residual-plots-for-regression-analysis.
 
[15]  Haque, Muhammad Emanul & Fatima, Nahid (2011). Influences of Stock Market on Real Economy: A Case Study of Bangladesh. The Global Journal of Finance and Economics, Vol. 8, No. 1 (2011) pp. 49-60.
 
[16]  Herve & Shen (2011). Management of Stock Price and Its Effect on Economic Growth: Case Study of West African Financial Markets. Journal of Business and Management Vol. 6, No.2, (February 2011) pp. 52-71.
 
[17]  Hondroyiannis George, Lolos Sarantis & Pappetrou Evangelia. (2004). Financial markets and economic growth in Greece, 1986-1999. Working Paper: Bank of Greece.
 
[18]  Hondroyiannis, G., Lolos, S., & Papapetrou, E, (2005). Financial Markets and Economic Growth in Greece, 1986-1999. Working Paper No. 17, Bank of Greece.
 
[19]  Hossain, Sharif & Kamal, Mostafa (2010). Does Stock Market Development Cause Economic Growth? A Time Series Analysis for Bangladesh Economy. Journal of International Finance and Economics, Volume 10, Number 2, 2010.
 
[20]  Ilmolelian, Peter David. (2005). The determinants of the Harare Stock Exchange (HSE) market capitalisation: MPRA Paper No. 1418. Retrieved June 15, 2009, from http://mpra.ub.uni-muenchen.de/1418/.
 
[21]  Lin, Jin-Lung (2008). Notes on Testing Causality. Retrieved January 22, 2013 from http://faculty.ndhu.edu.tw/~jlin/files/causality.pdf.
 
[22]  Minier, Jenny (2003). “Are Small Stock Markets Different” Journal of Monetary Economics 2003, vol. 50, issue 7, pp 1593-1602.
 
[23]  Mohtadi, H & Agarwal, S (2004). Stock Market Development and Economic Growth: Evidence from Developing Countries. Retrieved May 17, 2009, from www.edu/mo.htadi/PAN-4-01.pdf, pp 1-18.
 
[24]  Muhammad, S., Nadeem, A., & Liaquat, A. (2008). Stock Market Development and Economic Growth: ARDL Causality in Pakistan. International Research Journal of Finance and Economics Issue 14 (2008) pp.182-195.
 
[25]  Ntim, Collins G. (2012). Why African Stock Markets Should Formally Harmonise andIntegrate their Operations. African Review of Economics and Finance, Vol 4, No. 1, Dec 2012.
 
[26]  Nurudeen, Abu (2009): Does Stock Market Development Raise Economic Growth? Evidence from Nigeria. The Review of Finance and Banking, Volume 01, Issue 1, Year 2009, Pages 015-026. S print ISSN 2067-2713 online ISSN 2067-3825.
 
[27]  Odhiambo, Nicholas M. (2009). Stock Market Development and Economic Growth Development in South Africa: An ARDL-Bounds Testing Approach. Retrieved October 20, 2011 from http://www.wbiconpro.com/2.Nicholas.pdf.
 
[28]  Odhiambo, Nicholas M. (2011). Financial Intermediaries versus Financial Markets: A South African Experience. International Business & Economics Research Journal — February 2011 Volume 10, Number 2.
 
[29]  Okechukwu, Dennis Anyamele (2010). The Role of Stock Market in Sub-Saharan African Economies. International Journal of Business, Accounting, and Finance Vol. 4, No. 2, (2010) pp. 129-243.
 
[30]  Rahman, Mohammad Mafizur & Salahuddin, Mohammad (2010). The determinants of economic growth in Pakistan: Does stock market development play a major role? Economic Issues, Vol. 15, Part 2, 2010.
 
[31]  Stanbic Bank. (2008). Uganda Blue Print, January 2008, Research Economics.
 
[32]  Suruma, Ezra. (2008, June 12). The Republic of Uganda, Budget speech, Financial Year 2008/09: Strategic priorities to accelerate prosperity for all: Delivered at the meeting of the 3rd Session of the 8th Parliament of Uganda. Retrieved December 4, 2008, from http://www.finance.go.ug/docs/BudgetSpeechFY202008_09_12thJune2008_Final.pdf
 
[33]  Svoboda, Martin (2006). Effects of economics indicators on financial markets. Národohospodářský Obzor. Retrieved July 7, 2014, from http://is.muni.cz/do/1456/soubory/aktivity/obzor/6182612/7667845/09Svoboda.pdf.
 
[34]  Tachiwou, Aboudou Maman (2010). Stock Market Development and Economic Growth: The Case of West African Monetary Union. International Journal of Economics and Finance Vol. 2, No. 3; August 2010.
 
[35]  Ujunwa & Salami (2010). Stock Market Development and Economic Growth: Evidence from Nigeria. European Journal of Economics and Administrative Sciences. Issue 25 (2010) pp. 44-54.
 
[36]  USE (2008, November). The bourse; USE celebrating 10 years of Uganda Securities Exchange [Electronic Version]. Retrieved April 3, 2009, from http://www.use.or.ug/documents/The_Bourse_USE_10th_AnniversaryMagazine_Nov_2008.pdf.
 
[37]  Vazakidis Athanasios & Adamopoulos Antonios (2008). The Effect of Stock and Credit Market Development on Economic Growth an Empirical Analysis for Italy. International Research Journal of Finance and Economics. ISSN 1450-2887 Issue 41 (2010).
 
[38]  Wolassa L. Kumo. (2008). Stock exchange in Africa: Prospects and challenges:World Bank 2006. Private sector development blog: A market approach to development thinking. Retrieved May 18, 2009, from http://psdblog.worlbank.org/psdblog/2006/12/why_doesnt_ afri.html.
 
[39]  Xiaohui Liu & Peter Sinclair (2008). Does the linkage between stock market performance and economic growth vary across Greater China? Applied Economics Letters, 2008, 15, 505-508.
 
[40]  Yartey, Charles Amo & Adjasi, Charles Komla. (2007). Stock market development in Sub-Saharan Africa: Critical issues and challenges: IMF working paper, African department. Retrieved May 17, 2009, from www.imf.org/external/pubs/ft/wp/2007/wp07209.pdf.
 
Show Less References

Article

Risk Control versus Risk Management in the Context of an Active Management: The Emerging Market Alternative

1Central Bank of Kenya, University of Nairobi, Strathmore Business School, Kenya


International Journal of Econometrics and Financial Management. 2015, 3(4), 142-150
doi: 10.12691/ijefm-3-4-1
Copyright © 2015 Science and Education Publishing

Cite this paper:
John Mahasi, Rhoda Wanjiru. Risk Control versus Risk Management in the Context of an Active Management: The Emerging Market Alternative. International Journal of Econometrics and Financial Management. 2015; 3(4):142-150. doi: 10.12691/ijefm-3-4-1.

Correspondence to: John  Mahasi, Central Bank of Kenya, University of Nairobi, Strathmore Business School, Kenya. Email: jmahasi@yahoo.com

Abstract

The regulatory environment to which financial institutions and specially banks are subjected has been evolving over the years. However, global financial sector stability has remained elusive with the global economy experiencing more financial crises in the past decade than the preceding decades. These financial tremors have had their epicenters in the advanced economies triggered by events in the banking industry. Further, economic growth in the developed economies has been very low and sometimes negative with close to 50 percent of the stock market value having been wiped out by the 2007/2008 global financial crisis. Against a backdrop of improved bank supervision and regulation courtesy of the Basel frameworks the Eurozone economies are reeling in recession. On the other hand the emerging and transitional economies have for the past close to a decade and a half showed resilient and outstanding performance with less stringent supervisory regimes enabling commercial banks to earn high profits. The profitability of the industry bolsters investment and recurrent expenditure all of which have the effect of fueling inflation and volatile exchange rates which accelerate economic growth, high interest and lending rates as well as market liquidity. These conditions provide opportunities for arbitrage trading that gives above average returns on investment as exemplified by the trend analysis. The high economic growth comes with attendant high inflation, lending rates and returns on government securities. The study set out to determine whether the high return environment within developing economies provides arbitrage investment opportunities and influences foreign investment by attracting foreign investment participation in government securities trading. The specific objectives were to demonstrate the adverse effects including the systemic vulnerabilities imposed by excess competition occasioned by thorough regulation and to empirically determine whether higher high exchange, lending, Tbill and Tbond rates attract foreign investment to developing economies with focus on Kenyan government securities. The study adopted secondary time series data analysis to establish whether or not lending rates, USD exchange rates, Tbond and Tbill rates affect foreign investment in government securities. The time series data analysis confirmed that in the long run, Tbond, USD exchange and lending rates all significantly influence the foreign investment in Kenya vide the Treasury bonds avenue. Based on these findings we conclude that emerging and transitional economies offer a perfect arbitrage investment opportunity for low return advanced economies.

Keywords

References

[1]  Andersen, T. & Tarp, F. (2003). Financial Liberalization, Financial Development and Economic Growth in LDCs. Journal of International Development, 15, 189-209.
 
[2]  Beck, T., Levine, R., & Loayza, N. (2000). Finance and the Sources of the Growth. Journal of Financial Economics, 58, 261-300.
 
[3]  Bernanke, B. S. (2008). Anatomy of a Meltdown Ben Bernanke and the Financial Crisis. The New Yorker, December 1st.
 
[4]  Biggar, D. & Heimler, A. (2005). An Increasing Role for Competition in the Regulation of Banks. Antitrust Enforcement in Regulated sectors – Subgroup 1, ICN. Bonn. Available: <http://www.internationalcompetitionnetwork.org/bonn/AERS_WG/SG1_Banking/Appendix_Banking_ Report.pdf>.
 
[5]  Bruton, G.D., Ahlstrom, D., & Obloj, K. (2008). Entrepreneurship in Emerging Economies: Where are we Today and where should the Research go in the Future. Entrepreneurship Theory and Practice, 32(1), 1-14.
 
Show More References
[6]  Calvo, G. (1983). Staggered Prices in a Utility-Maximizing Framework. Journal of Monetary Economics, 12, 383-398.
 
[7]  Chiuri, M. C., Giovanni, F. & Majnoni, G. (2002). The Macroeconomic Impact of Bank Capital Requirements in Emerging Economies: Past Evidence to Assess the Future. Journal of Banking and Finance, 26, 881-904.
 
[8]  Demirgüç-Kunt, A., Laeven, L. & Levine, R. (2003). Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation. National Bureau of Economics Research Working Paper.
 
[9]  Demirgüç-Kunt, A. & Huizinga, H. (1999). Determinants of Commercial Bank Interest margins and Profitability: Some International Evidence. World Bank Economic Review 13, 379-408.
 
[10]  Demirgüç-Kunt, A. &Maksimovic, V. (1998). Law, Finance and Firm Growth. Journal of Finance, 53, 2107-2137.
 
[11]  Goddard J., Molyneux, P. & Wilson, J. O. S. (2004). The Profitability of European Banks: A Cross-sectional and Dynamic Panel Analysis. The Manchester School, 72 (3), 363-381.
 
[12]  Goodhart, C. A. E. (2010). The Changing Role of Central Banks.BIS Working Papers No 326, 1-21
 
[13]  Fase, M. & Abma, R. (2003). Financial Environment and Economic Growth in Selected Asian Countries. Journal of Asian Economics, 14, 11-21.
 
[14]  Friedman, J. W. (1971). A Non-cooperative Equilibrium for Supergames. Review of Economic Studies, 38, 1-12.
 
[15]  Khan, M. &Senhadji, A. (2000). Financial Development and Economic Growth: An Overview. MF Working Paper No.WP/00/209.
 
[16]  Kindleberger, C. P. &Aliber, R. Z. (2005). Manias, Panics and Crashes A history of Financial Crises. Palgrave Macmillan.
 
[17]  Levine, R. (2002). Bank-Based or Market-Based Financial Systems: which is better? Journal of Financial Intermediation, 11, 398-428.
 
[18]  Mankiw, G. (1985). Small Menu Costs and Large Business Cycles: A Macroeconomic Model. Quarterly Journal of Economics, 100, 529-38.
 
[19]  Naceur B. S. & Kandil, M., (2008). The Impact of Capital Requirements on Banks’ Cost of Intermediation and Performance: The Case Egypt. Journal of Economics and Business, 8: 12-28
 
[20]  Standard Chartered Global Research (2012). Global Focus 2012: Fragile West, resilient East
 
[21]  Tadesse, S. (2002). Financial Architecture and Economic Performance: International Evidence. Journal of Financial Intermediation, 11, 429-454.
 
[22]  Taylor, J. (1980). Aggregate Dynamics and Staggered Contracts. Journal of Political Economy 88, 1-23.
 
[23]  Wilson, D. & Purushothaman, R. (2003). Dreaming with BRICs: The Path to 2050.Global Economics Paper 99. Goldman Sachs, New York. October.
 
Show Less References

Article

A Dynamic Panel Data Analysis for Relationship between Structural Policy and Economic Growth

1Higher Institute of Management of Gabes, Tunisia

2MODELIS Laboratory, University of Sfax, HIAS University of Gafsa


International Journal of Econometrics and Financial Management. 2016, 4(1), 1-10
doi: 10.12691/ijefm-4-1-1
Copyright © 2016 Science and Education Publishing

Cite this paper:
Wajdi Bardi, Tarek Sadraoui, Anouar Bardi. A Dynamic Panel Data Analysis for Relationship between Structural Policy and Economic Growth. International Journal of Econometrics and Financial Management. 2016; 4(1):1-10. doi: 10.12691/ijefm-4-1-1.

Correspondence to: Wajdi  Bardi, Higher Institute of Management of Gabes, Tunisia. Email: wajdibardi@gmail.com

Abstract

Governments around the world must formulate and implement policies for taxation and public spending. These policies can have major impacts on economic growth, income distribution, and poverty, and thus they tend to be at the center of economic and political debates. In this study, we estimate the dynamic relationship between structural policy and economic growth. We will try to bring some theoretical literature on the relations of structural policy emergence as a new approach of economic coordination. Our empirical study recently bases on various estimation methods developed within dynamic panel framework for a sample of 6 countries over 1975-2012. We used Generalized Moment Method, causality tests and unit root applied to panel data. Results suggest a positive and significant relation between structural policy and economic growth for all countries sample.

Keywords

References

[1]  Anderson, T.W. and Hsiao, C. (1981). ‘Estimation of Dynamic Models with Error Components’, Journal of American Statistical Association, Vol. 76, pp. 598-606.
 
[2]  Anderson, T.W. and Hsiao, C. (1982). ‘Formulation and Estimation of Dynamic Models Using Panel Data’, Journal of Econometrics, Vol. 18, pp. 47-82.
 
[3]  Antonelli, M. (1994). ‘Ttechnological districts localized spillovers and productivity growth. The Italian evidence on technological externalities in the core regions’, International Review of Applied Economics, pp. 18-30.
 
[4]  Arellano, M. and Bond, S. (1991). ‘Some test of specification for panel data: Monte Carlo evidence and application to employment equations’, Review of Economic Studies, Vol. 58, pp. 277-297.
 
[5]  Arellano, M. and Bond, S. (1998) ‘Dynamic panel data Estimating using DPD98-A Guide for users’, institute for Fiscal Studies, mimeo.
 
Show More References
[6]  Autant, B.C and Massard, N. (1999) ‘Econométrie des Externalités Technologiques et Géographie de l'Innovation : une analyse critique’, Economie Appliquée, Vol. 52, N. 4, pp. 35-68.
 
[7]  Autant, B.C. (2000) ‘Géographie de l'innovation et externalités locales de connaissances. Une étude sur données françaises’, Thèse pour le doctorat en sciences économiques, Université Jean Monnet St-Etienne.
 
[8]  Bach, L. and Lhillery, S. (1999) ‘Recherche et externalité: tradition économique et renouveau, in Foray, D, Mairesse. J, eds, innovations et performances: approches interdisciplinaires’, Paris, Editions de L’EHRESS : pp, 339-367.
 
[9]  Baumol, W. J. (1992) ‘Horizontal collusion and innovation’, Economic Journal, Vol.102, pp, 129-137.
 
[10]  Baumol, W. J. (1997) ‘Pareto optimal sizes of innovation spillovers’, Research Report, pp. 97-42, The C.V. Starr Centre for Applied Economics, Department of Economics, New York University.
 
[11]  Baumol. W. J. (1993) ‘The Mechanisms of Technology Transfer, II: Technology Consortia in Complementary Innovations’ In Entrepreneurship, Management, and the Structure of Payoffs. MIT Press: Cambridge MA, pp, 193-222.
 
[12]  Beath, J., Theotoky, J.P. and Ulph, D. (1998) ‘Organization, Design, and Information Sharing in a Research Joint Venture with Spillovers’, Bulletin of Economic Research, Vol. 50, pp. 47-59.
 
[13]  Branstetter, L. and Sakakibara. M. (1998) ‘Japanese Research Consortia: A micro-econometric analysis of industrial policy’, Journal of Industrial Economics, Vol. 46, N. 2, pp. 207-233.
 
[14]  Cassiman, B. and Veugelers, R. (2002) ‘R&D cooperation and spillovers: some empirical evidence from Belgium’, American Economic Review, Vol. 92, N. 4, pp. 1169-1184.
 
[15]  Combe, E. (1998) ‘Pour quoi les firmes s’allient-elles? Un Etat de l’art’, Revue d’économie Politique, Vol. 4 N. 108, pp. 433-475.
 
[16]  Cozzi, G. (1999) ‘R&D cooperation and growth’, Journal of Economic Theory, Vol. 86, pp. 17-49.
 
[17]  Crampes, C. and Encaoua, D. (2001) ‘Microéconomie de l’innovation’, Série verte, Bargaining over monetary policy and the desirability of central bank independence, V01067.
 
[18]  Crépon, B., Kramarz, F. and Trogon, A. (1996) ‘Parameters of Interest, Nuisance Parameter and Orthogonality Conditions: An Application to Error Component Models’, Discussion Paper n° 9335, Institut National de la Statistique et des Etudes Economiques.
 
[19]  D’aspremont, C. and Jacquemin, A. (1988) ‘Cooperative and non cooperative R&D in duopoly with spillovers’, American Economic Review, Vol. 5, N. 78. pp. 1133-1137.
 
[20]  D’aspremont, C. and Jacquemin, A. (1990) ‘Cooperative and Non-cooperative R&D in Duopoly with Spillovers: Erratum’, American Economic Review, Vol. 78, pp. 1133-1137.
 
[21]  Davidson, R. and MacKinnon, J.G. (1992) ‘Regression-Based Methods for Using Control and Antithetic Variates in Monte Carlo Experiments’, Journal of Econometrics, Vol. 54, pp. 203-222.
 
[22]  Debresson, C. and Amesse, F. (1991) ‘Networks of innovators: a review and introduction to the issue, Networks of innovators, Montreal workshop’, Research Policy, Vol. 20, N. 5, pp. 363-379.
 
[23]  Dogson, M. (1993) ‘Organizational learning: A review of some literature’, Organizational studies, Vol. 14, N. 3, pp. 375-394.
 
[24]  Gallie, E.P. (2003) ‘La coopération, vecteur d’externalités de connaissances’, Colloque “Economie de la firme: quelles nouveautés? Annecy, 17-18 avril.
 
[25]  Geroski, P.A. (1992). Vertical relations between firms and industrial policy’, Economic Journal, Vol. 102, N. 410, pp. 138-147.
 
[26]  Green, W.H. (1997) ‘Economic Analysis’, 3rd edition, New York: Prentice Hall.
 
[27]  Hagedoorn, J. Schakenraad, J. (1992) ‘Leading companies and networks of strategic alliances in information technologies’, Research Policy, 21, pp. 163-190.
 
[28]  Hippel, Erik. (1987) ‘Cooperation between rivals: informal know how trading’, Research Policy, 16, pp. 291-302.
 
[29]  Im, K., Pesaran, H. and Shin, Y. (2003) ‘Testing for unit roots in heterogeneous panels’, Journal of Econometrics, Vol. 115, pp. 53-74.
 
[30]  Irwin, D. and Klenow, P. (1996) ‘High-Tech R&D Subsidies: Estimating the effects of SEMATECH’, Journal of International Economics’, Vol. 40, pp. 323-344.
 
[31]  Kamien, M., Muller, I.E. and Zang, I. (1992) ‘Research Joint Ventures and R&D Cartels’, American Economic Review’, Vol. 82, N. 5, pp. 1293-1306.
 
[32]  Katz, M.L. and Ordover, J.A. (1990) ‘R&D Cooperation and competition’, in: Brookings Papers on Economic Activity: Microeconomics, pp. 137-203.
 
[33]  Katz, M.L. (1986) ‘An analysis of cooperative research and development’, RAND Journal of Economics’, Vol. 17, N. 4, pp. 527-543.
 
[34]  Levin, A., Lin, C. and Chu, C.J. (2002). ‘Unit root tests in panel data: Asymptotic and nite-sample properties’, Journal of Econometrics, Vol. 108, pp. 1-24.
 
[35]  Levin, R., Cohen, W. and Mowery, D. (1985). ‘R&D appropriability, opportunity and market structure: New evidence on some Schumpeterian hypotheses’, American Economic Review’, Vol. 75, pp. 20-24.
 
[36]  Levin, R., Klevorick, N.R. and Winter, S. (1987). ‘Appropriating returns from industrial research and development in Baily, M. and Winston, C. redactors ‘Brooking papers on Economic activity’, Wachington, the brooking institution.
 
[37]  Mowery, D. and Rosenberg, N. (1989). ‘Technology and the pursuit of economic growth’, Cambridge University Press.
 
[38]  Mowery, D., Oxley, C. and Silverman, B. (1996). ‘Strategic Alliances and Inter-firm Knowledge Transfer’, Strategic Management Journal, Vo1. 7, pp. 77-91l.
 
[39]  Nooteboom, B. (1999) ‘Inter-firm alliances-analysis and design’, London, Routledge.
 
[40]  Pedroni, P. (1999) ‘Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors’ Oxford Bulletin of Economics and Statistics’, Vol. 61, pp. 653-670.
 
[41]  Pedroni, P. (2004) ‘Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis’, Econometric Theory, Vol. 3, pp. 579-625.
 
[42]  Teece, D. (1992) ‘Competition, cooperation and innovation: organisational arrangements for regimes of rapid technological progress’, Journal of Economic Behaviour and Organisation, Vol. 18, N. 1, pp. 1-25.
 
[43]  Agenor (2000). “The Economics of ajustment and Growth”, Academic Press, San Diego.
 
[44]  Aghion Ph et Howitt P. (2000). ‘Théorie de la croissance endogène’, Dunod.
 
[45]  Amable B et Chatelain (2001). « Can financial infrastructures fostereconomic development? », Journal of Development Economics, Vol 64, pp 481-498.
 
[46]  Amable et Guellec (1992) « Les théories de la croissance endogène », Revue d’Economie Politique, Vol 102, n°3, Mai-Juin, pp 313-377.
 
[47]  Aschauer D.A. (1989 a) ‘Does public capital crowd out private capital?’The Journal of Monetary Economics, 24, Septembre.
 
[48]  Aschauer D.A. (1989 b) ‘Is public expenditure productive?’, The Journal of Monetary Economics, 23, mars.
 
[49]  Azariadis C etDrazen A. (1990) ‘Thresholds Externalities in Economic Development’, The Quarterly Journal of Economics, 105(2), Mai, p 501-526.
 
[50]  Baldwin R.E (1992) “Measurable Dynamic Gains from Trade”, Journal of Political Economy, 100, p162-174.
 
[51]  Barro J.R. (1997) « Les facteurs de la croissance économique : une analyse transversale par pays », Economica.
 
[52]  Barro R. J. etSala-i-Martin X. (1995) ‘La CroissanceEconomique’, New York, McGraw-Hill.
 
[53]  Barro R.J. (1989) « The Ricardian Approach to Budget Deficits », Journal of Economic Perspective, Volume 3, n°2 , Spring, p 37-54.
 
[54]  Barro R.J. (1990) ‘Government Spending in a Simple Model of Endogenous Growth’, Journal of Political Economy, vol 98, n° 5, partie 2, p S103-S125.
 
[55]  Ben-David (1996), « Trade and Convergence among countries », the Journal of International Economics, 40, pp 279-298.
 
[56]  Benhabibet Spiegel (1994) « The Role of Human Capital in Economic Development: Evidence from aggregate Cross-Country Data”, Journal of Monetary Economics”, n°34, pp 143-173.
 
[57]  Berthélemy J.C et Varoudakis A. (1995) « Clubs de convergence et Croissance : le rôle du développement financier et du capital humain », Revue Economique, 46, pp 217-235.
 
[58]  Brana S. (1998), « Les sources financières de la croissance : une analyse comparative », Communication au colloque international sur l'Euro et le financement de la croissance en Méditerranée, Marseille 22-23 janvier, 28 pages.
 
[59]  Bresson (2002) “Nonstationary Panels: panel unit root tests and panel cointegration”, Document de travail présenté aux EuroLabCources, CEPEA-CEMAFI.
 
[60]  Coe et Helpman (1995), « International R&D Spillovers », EuropeanEconomicReview, Vol 39, pp 859-887.
 
[61]  D’Autume et Michel (1994) « Education et croissance », Revue d’Economie Politique, 104 (4), Juillet-août. P457-499.
 
[62]  Darreau Ph (2003) « Croissance et politique économique », Collection ouvertures économiques, édition De Boeck.
 
[63]  Diamond J. (1990) « Les dépenses publiques et la croissance », Revue Finances et Développement, Décembre, p 34-36.
 
[64]  Dinopoulos E et Thompson P. (1996) "A Contribution to the Empirics of Endogenous Growth", Eastern Economic Journal, vol 22, n°4, fall, p 389-400.
 
[65]  Dollar D (1992) “Outward Oriented Developing Economies Really Do Grow More Rapidly: Evidence from 95 LDCs, 1976-1985”, Economic Development and Cultural Change, 41, p 523-544.
 
[66]  DurlaufetQuah (1998) « The New Empirics Of Economic Growth », Center for Economic Performance, Discussion Paper n° 384, Univercity of Wisconsin, Madison and LES.
 
[67]  Edwards (1998) « Openness, productivity and growth : what do we really know? », Economic Journal, 108, pp 383-398.
 
[68]  Edwards S (1993) “Openness, Trade Liberalization, and Growth in Developing Countries”, Journal of Economic Literature, Semtembre, vol XXXI, p 1358-1393.
 
[69]  Fontagné et Guérin (1997) « L’ouverture, Catalyseur de la croissance », Economie Internationale, n°71, troisième trimestre, pp 135-163.
 
[70]  Frankel et Romer (1999) « Does Trade Cause Growth? », American Economic Review, 89 (3), pp 379-399.
 
[71]  Glomme G etRavikumar B. (1997) “Productive government expenditures and long-run growth”, Journal of Economics Dynamics and Control, vol 21, p 183-204.
 
[72]  Guellec D et De la Potterie B.V.P. (1997) “Le soutien des pouvoirs publics stimule-t-il la R&D privée?”, Révue économique de l’OCDE, n° 29, vol 2, p 103-131.
 
[73]  Guellec D. (1996). ‘Croissance mondiale : les nouvelles perspectives’, Problèmes économiques, n°2.467, 10 Avril, p 1-3.
 
[74]  Guellec et Van pottelsberghe de la Potterie (1997) « Le soutien des pouvoirs publics stimule-t-il la R&D privée? » ; Revue économique de l’OCDE, Vol II, n°29, pp 103-131.
 
[75]  Islam (1995) «Growth Empirics: A Panel Data Approach », TheQuaterly Journal of Economics, Nouvembre, pp 1127-1170.
 
[76]  King etRebelo (1990) « Public Policy and Economic Growth: Developing Neoclassical Implication », Journal of Economic Review, 83, S126-S150.
 
[77]  Kuznets S (1973) “Modern Economic Growth: Findings and Reflections”, American Economic Review, 63, 3, juin, p 247-258.
 
[78]  Kuznets S (1981) “Modern Economic Growth and the Less Developed Countries”, Conference on Experiences and Lessons of Economic Development in Taiwan, Taipei, TheInstitute of Economics.
 
[79]  Levine et Renelt (1992), « A Sensitivity Analysis of Cross-Country Growth Regressions », the American Economic Review, Vol 82, N 4, septembre.
 
[80]  Levine, Loayzaet Beck (2000) « Financial Intermediation and Growth: Causality and Causes », Journal of Monetary Economics, Vo 46, n°1, Aout, pp 31-77.
 
[81]  Lucas R. (1988) “On the Mechanisms of Economic Development “, Journal of Monetary Economics, Vol 22, N 1, Juillet.
 
[82]  Pagano (1993) « Financial Markets and Growth : An Overview », European Economic Review, n 37, p 613-622.
 
[83]  Pedroni P (1995) "Panel cointegration, asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis", Working Paper in Economics, 92-013, Indiana University.
 
[84]  Rivera-BatizetRomer (1991a), « Economic Integration and Endogenous Growth », Quarterly Journal of Economic, Vol 106, Issue 2, pp 531-555.
 
[85]  Rivera-BatizetRomer (1991b), « International trade with endogenous technological change », European Economic Review, 35 Mai, pp 97-1001.
 
[86]  Rodriguez et Rodrick (2000) « Trade Policy and Economic Growth : A Skeptic’s Guide to the Cross-National Evidence », Working Paper, HavardUniversity.
 
[87]  Rodrik D (2001), « L’intégration dans l’économie mondiale peut-elle se substituer à une stratégie de développement? », Revue d’économie du développement, 1-2, pp 233-243.
 
[88]  Rodrik D. (1998) “Why Do More Open Economies Have Bigger Governments?”, Journal of Political Economy, vol 106, n° 5, p 997-1031.
 
[89]  Romer (1990) « Endogenous Technological Change », Journal of Political Economy, Vol 98, n°2, pp 337-367.
 
[90]  Romer P.M. (1994) ‘The Origines of Endogenous Growth’, Journal of Economic Perspectives, vol 8, n°1, Hiver, p 3-22.
 
[91]  TempleJ. (1999) ‘The New Growth Evidence’, Journal of Economic Literature, vol XXXVII, mars, p 112-156.
 
Show Less References