Development Financier, Diffusion des tic et Croissance Economique dans les pays de l‘Uemoa
Keywords:
TIC, Développement financier , Croissance économique, Données de panel, UEMOA
Abstract
L’objectif de ce papier est d’analyser le rôle de la diffusion des TIC dans l’analyse de la relation entre le développement financier et la croissance économique dans les pays de l’UEMOA en mettant un accent particulier sur leurs interactions. A partir d’un échantillon de 7 pays de cette zone, sur la période 1997 - 2019, et suite à l’utilisation d’une approche Pooled Mean Group (PMG) sur données de panels, les résultats montrent qu’à long terme, l’effet direct du développement financier sur la croissance économique est significativement négatif dans les pays de l’UEMOA. Secundo, la diffusion des TIC (mobile et l’Internet) a un effet positif et significatif sur la croissance économique. Enfin, l’interaction entre développement financier et la diffusion des TIC est significativement positif, prouvant ainsi que les pays de l’UEMOA ne peuvent bénéficier du développement financier qu’une fois qu’un seuil de diffusion des TIC atteint. Ce seuil de diffusion des TIC est respectivement de 168,7% et 38,1% pour le mobile et l’Internet.
The objective of this paper is to analyze the role of ICT diffusion in the analysis of the relationship between financial development and economic growth in WAEMU countries with particular emphasis on their interactions. From a sample of 7 countries in this area, over the period 1997 - 2019, and following the use of a Pooled Mean Group (PMG) method on panel data, the results show that in the long term, the direct effect of financial development on economic growth is significantly negative in WAEMU countries. Secondly, ICT diffusion (mobile and Internet) has a positive and significant effect on economic growth. Finally, the interaction between financial development and ICT diffusion is significantly positive, thus proving that WAEMU countries can only benefit from financial development once a threshold of ICT diffusion reached. This ICT diffusion threshold is respectively 168.7% and 38.1% for mobile and Internet.
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References
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9. Ang J. B., McKibbin W.J. (2007). Financial liberalization, financial sector development and growth: Evidence from Malaysi. Journal of Development Economics, 84, 215-233.
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19. Dewan, S., & Kraemer, K. L. (2000). Information Technology and Productivity: Evidence from Country-Level Data. Management Science, 46(4), 548–562.
20. Dewan, S., & Mendelson, H. (1998). Information technology and time-based competition in financial markets. Management Science, 44(5), 595-609.
21. Ding, L., & Haynes, K. (2006). The role of telecommunications infrastructure in regional economic growth in China. Australasian Journal of Regional Studies, The, 12(3), 281-302.
22. Eng Kooi Lim et Zhiqi Chen (2012). L’impact de la libéralisation des services dans les telecommunications: le cas des pays de l’APEC. Elsvier, Telecommunications Policy; 36(4), Pages 274–281.
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24. Fernandez, D., & Galetovic, A. (1994). Schumpeter might be right – but why? Explaining the relation between finance, development, and growth. SAIS Working Paper in International Economics no. 96-01. Johns Hopkins University.
25. Freeman, C., & Soete, L. (1985). Information technology and employment: an assessment.SPRU. Sussex, UK.
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28. Giuliano P. & Ruiz-Arranz. M. (2009). Remittances, financial development, and growth. Journal of Development Economics, 90(1), 144-152.
29. Gregorio, J., & Guidotti,P. E. (1992). Financial development and economic growth. International Monetary Fund working paper 92/101.
30. Grossman & Stiglitz J.E. (1980). On the Impossibility of Informationally Efficient Markets. The American Economic Review, 70(3), 393-408.
31. Gurley, J. G., & Shaw, E. S. (1960). Money in a theory of finance (The Brookings Institution, Washington, DC). Google Scholar.
32. Hardy (1980). The Role of the Telephone in Economic Development. Telecommunications Policy, 4 (4), 278-86.
33. Hassan, M. K. (2004). FDI, information technology and economic growth in the MENA region. In Economic Research Forum 10th Annual Conference (pp. 16-18).
34. Hondroyiannis, G., Lolos, S., & Papapetrou, E. (2005). Financial markets and economic growth in Greece, 1986–1999. Journal of International Financial Markets, Institutions and Money, 15, 173–188.
35. Im, Pesaran & Shin (2003).Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53-74.
36. Keho, Y. (2012). Le rôle des facteurs institutionnels dans le développement économique des pays de l’UEMOA. Revue Économique et Monétaire BCEAO.
37. La Porta R., Florencio L-de-S., Andrei S. & Robert W. V. (1998). Law and Finance. Journal of Political Economy, 106(6), 1113-1155.
38. Leitao, N. C. (2010). Financial development and economic growth: a panel data approach. Theoretical and Applied Economics, 10, 15–24.
39. Levin, Lin & Chu (2002). Unit root tests in panel data, asymptotic and finite-sample Properties. Journal of Econometrics, volume 108 n°1, 1-24.
40. Levine, R. (2005). Finance and growth: theory and evidence. Handbook of economic growth, 1, 865-934.
41. Levine, R. (2001). International financial liberalization and economic growth. Review of International Economics, 9(4), 688–702.
42. Levine, R., Loayza, N., & Beck, T. (2000). Financial intermediation and growth: Causality and causes. Journal of Monetary Economics, volume 46 n°1, 31–77.
43. Luintel, K., & Khan, M. (1999). A quantitative reassessment of the finance-growth nexus: evidence from a multivariate VAR. Journal of Development Economics, 60, 381–405.
44. Mattoo A., Rathindran, Subramanian (2001). Measuring services trade liberalization and its impact on economic growth: An illustration. Journal of Economic Integration Vol. 21(1), pp. 64-98.
45. McKinnon, R. I. (1973). Money and capital in economic development. Washington, DC: Brookings Institution.
46. Muto, M., & Yamano, T. (2009). The impact of mobile phone coverage expansion on market participation: Panel data evidence from Uganda. World Development, 37(12), 1887–1896.
47. Nasab, E. H., & Aghaei, M. (2009). The effect of ICT on economic growth: Further evidence. International Bulletin of Business Administration, 5(2), 46-56.
48. Nour, S. S. O. M. (2002). The impact of ICT on Economic development in the Arab world: a comparative study of Egypt and the Gulf countries. Economic research forum working paper no. 0237.
49. Paleologos John & Polemis M. (2013). What drives investment in the telecommunications sector? Some lessons from the OECD countries. Telecommunications Policy 38 (2014),49–65.
50. Pesaran, Shin & Smith R. J. (2001). Bounds testing approaches to the analysis of level Relationships. Journal of applied Econometrics, 16(3), 289-326.
51. Pesaran M. H., Shin Y. & Smith R. P. (1999). Pooled Mean Group Estimation of Dynamic Heterogeneous Panels. Journal of American Statistical Association, 94(446), 621–634.
52. Pesaran M. H. & Smith R. P. (1995). Estimating Long-run Relationship from Dynamic Heterogeneous Panel. Journal of Econometrics 68(1), 79–113.
53. Pohjola, M. (2002). The new economy in growth and development. Oxford Review of Economic Policy, 18(3), 380-396.
54. Pradhan, R. P., Arvin, M. B., & Bahmani, S. (2018). Are innovation and financial development causative factors in economic growth? Evidence from a panel granger causality test. Technological Forecasting and Social Change, 132, 130-142.https://doi.org/10.1016/j.techfore.2018.01.024
55. Ram, R. (1999), "Financial development and economic growth: additional evidence". Journal of Development Studies, 35(4), 164–174.
56. Roller & Waveman, L. (2001). Telecommunication Infrastructure and Economic Development: A Simultaneous Approach. American Economic Review, 91, 4: 878-909.
57. Sassi, S., & Goaied, M. (2013). Financial development, ICT diffusion and economic growth: Lessons from MENA region. Telecommunication Policy, 37, 252–261.https://doi.org/10.1016/j.telpol.2012.12.004
58. Schumpeter, J. A. (1911). The theory of economic development. Massachusetts: Cambridge.
59. Seo, H. J., Lee, Y. S., & Oh, J. H. (2009). Does ICT investment widen the growth gap? Telecommunications Policy, 33(8), 422-431.
60. Sepehrdoust, H. (2018). Impact of information and communication technology and financial development on economic growth of OPEC developing economies. Kasetsart Journal of Social Sciences, Kasetsart, 6-11. https://doi.org/10.1016/j.kjss.2018.01.008
61. Shamim, F. (2007). The ICT environment, financial sector and economic growth: a cross-country Analysis. Journal of Economic Studies, 34(4), 352–370.
62. Shaw, E. S. (1973). Financial deepening in economic development. New York: Oxford University Press.
63. Singh, T. (2008). Financial development and economic growth nexus: A time-series evidence from India. Applied Economics, Vol.40, pp. 1615-1627.
64. Traoré I. & Ouédraogo I.M. (2020). Le rôle du numérique dans la relation finance-croissance dans l’espace CEDEAO. Revue d’Economie Théorique et Appliquée, Volume 10(1), 17-34.
65. Van Nieuwerburgh, S., Buelens, F., & Cuyvers, L. (2006). Stock market development and economic growth in Belgium. Explorations in Economic History, 43(1), 13–38.
66. Vladica Tintor, Vlade Milicevic, Milan Jankovic, Jovan Radunovic (2009). Liberalization of the mobile telephony market in the Republic of Serbia. Elsvier, Technology in Society; 31 (2009) 384–398.
67. Vu, K. M. (2011). ICT as a source of economic growth in the information age: Empirical evidence from the 1996–2005 period. Telecommunications Policy, 35(4), 357–372.
68. Waverman, L., Meschi, M., & Fuss, M. (2005). The impact of telecoms on economic growth in developing countries. The Vodafone policy paper series, 2(03), 10-24.
69. Yartey, C. A. (2008). Financial development, the structure of capital markets, and the global digital divide. Information economics and Policy, 20(2), 208-227.
70. Zagorchev, A., Vasconcellos, G., & Bae, Y. (2011). Financial development, technology, growth and performance: Evidence from the accession to the EU. Journal of International Financial Markets, Institutions and Money, 21(5), 743-759.
2. Alice, K. à M., & François, P. K. (2016). Déterminants Du Développement Financier Dans Les Pays De La Zone Franc Cfa: Le Rôle de la Qualité Des Institutions. European Scientific Journal, ESJ, 12(28), 285. https://doi.org/10.19044/esj.2016.v12n28p285
3. Allen, F., Bartiloro, L., Gu, X., & Kowalewski, O. (2018). Does economic structure determine financial structure?. Journal of International Economics, 114, 389-409.
4. Aminuzzaman, S., Baldersheim, H., & Jamil, I. (2003). Talking back! Empowerment and mobile phones in rural Bangladesh: a study of the village phone scheme of Grameen Bank. Contemporary South Asia, 12(3), 327-348.
5. Andersen, T. & Tarp, F. (2003). Financial Liberalization, Financial Development and Economic Growth in LDCs. Journal of International Development, 15.
6. Andonova & Veneta. (2006). Mobile phones, the Internet and the institutional environment. Telecommunications Policy, 30(1), 29-45.
7. Andrianaivo, M., & Kpodar, K. (2011). ICT, financial inclusion, and growth: Evidence from African countries. International Monetary Fund working paper 11/73.
8. Ang J.B. (2008). Survey of Recent Developments in the Literature of Finance and Growth. Journal of Economic Surveys, 22, 536-576.
9. Ang J. B., McKibbin W.J. (2007). Financial liberalization, financial sector development and growth: Evidence from Malaysi. Journal of Development Economics, 84, 215-233.
10. Arestis, P., Demetriades, P. O., & Luintel, K. B. (2001). Financial Development and Economic Growth: The Role of Stock Markets. Journal of Money, Credit and Banking, 33(1), 16–41.
11. Barajas, A., Chami, R., & Yousefi, R. (2011). The impact of financial development on economic growth in Mena region. Finance et Development, 48, 3.
12. Ben Naceur, S., & Ghazouani, S. (2007). Stock markets, Banks and Growth in some Mena region countries. Research in International Business and Finance, 21, 297-315.
13. Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The review of economic studies, 47(1), 239-253.
14. Cadman, R. (2007). Regulation and investment in European telecoms markets. SPC Network,for ECTA.
15. Christophe, K. T., Luc, N. N., & Edward, T. E. O. (2015). Développement financier et croissance économique dans les pays africains de la zone franc : Le rôle de la gouvernance. European Scientific Journal, ESJ, 11(4). https://eujournal.org/index.php/esj/article/view/5146
16. Daouda, S. K., Van-Brentano, N. O., & Bentahar, H. A. C. H. E. M. I. (2021). Développement financier: cas des pays de la zone UEMOA (Burkina Faso, Côte d’Ivoire et Mali). International Journal of Financial Accountability, Economics, Management, and Auditing (IJFAEMA), 3(4), 489-499.
17. Das, A., & Chowdhury, M. (2016). ICT Diffusion, Financial Development and Economic Growth: New Evidence from Low and Lower Middle-Income Countries. Journal of the Knowledge Economy, 9(4). https://doi.org/10.1007/s13132-016-0383-7
18. Datta A, Agarwal S (2004). Telecommunications and economic growth: a panel data Approach. Applied Economics, 36(15), 1649-1654.
19. Dewan, S., & Kraemer, K. L. (2000). Information Technology and Productivity: Evidence from Country-Level Data. Management Science, 46(4), 548–562.
20. Dewan, S., & Mendelson, H. (1998). Information technology and time-based competition in financial markets. Management Science, 44(5), 595-609.
21. Ding, L., & Haynes, K. (2006). The role of telecommunications infrastructure in regional economic growth in China. Australasian Journal of Regional Studies, The, 12(3), 281-302.
22. Eng Kooi Lim et Zhiqi Chen (2012). L’impact de la libéralisation des services dans les telecommunications: le cas des pays de l’APEC. Elsvier, Telecommunications Policy; 36(4), Pages 274–281.
23. Favara, G. (2003). An empirical reassessment of the relationship between financial development and economic growth. International Monetary Fund working paper 03/123.
24. Fernandez, D., & Galetovic, A. (1994). Schumpeter might be right – but why? Explaining the relation between finance, development, and growth. SAIS Working Paper in International Economics no. 96-01. Johns Hopkins University.
25. Freeman, C., & Soete, L. (1985). Information technology and employment: an assessment.SPRU. Sussex, UK.
26. Freeman, C., & Soete, L. (1994). Work for all or mass unemployment? Computerized technical change into the twenty-first century. UK: London Printer.
27. Freeman, C., & Soete, L. (1997). The economic of industrial innovation ((3rd ed.)). UK: London and Washington Printer.
28. Giuliano P. & Ruiz-Arranz. M. (2009). Remittances, financial development, and growth. Journal of Development Economics, 90(1), 144-152.
29. Gregorio, J., & Guidotti,P. E. (1992). Financial development and economic growth. International Monetary Fund working paper 92/101.
30. Grossman & Stiglitz J.E. (1980). On the Impossibility of Informationally Efficient Markets. The American Economic Review, 70(3), 393-408.
31. Gurley, J. G., & Shaw, E. S. (1960). Money in a theory of finance (The Brookings Institution, Washington, DC). Google Scholar.
32. Hardy (1980). The Role of the Telephone in Economic Development. Telecommunications Policy, 4 (4), 278-86.
33. Hassan, M. K. (2004). FDI, information technology and economic growth in the MENA region. In Economic Research Forum 10th Annual Conference (pp. 16-18).
34. Hondroyiannis, G., Lolos, S., & Papapetrou, E. (2005). Financial markets and economic growth in Greece, 1986–1999. Journal of International Financial Markets, Institutions and Money, 15, 173–188.
35. Im, Pesaran & Shin (2003).Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53-74.
36. Keho, Y. (2012). Le rôle des facteurs institutionnels dans le développement économique des pays de l’UEMOA. Revue Économique et Monétaire BCEAO.
37. La Porta R., Florencio L-de-S., Andrei S. & Robert W. V. (1998). Law and Finance. Journal of Political Economy, 106(6), 1113-1155.
38. Leitao, N. C. (2010). Financial development and economic growth: a panel data approach. Theoretical and Applied Economics, 10, 15–24.
39. Levin, Lin & Chu (2002). Unit root tests in panel data, asymptotic and finite-sample Properties. Journal of Econometrics, volume 108 n°1, 1-24.
40. Levine, R. (2005). Finance and growth: theory and evidence. Handbook of economic growth, 1, 865-934.
41. Levine, R. (2001). International financial liberalization and economic growth. Review of International Economics, 9(4), 688–702.
42. Levine, R., Loayza, N., & Beck, T. (2000). Financial intermediation and growth: Causality and causes. Journal of Monetary Economics, volume 46 n°1, 31–77.
43. Luintel, K., & Khan, M. (1999). A quantitative reassessment of the finance-growth nexus: evidence from a multivariate VAR. Journal of Development Economics, 60, 381–405.
44. Mattoo A., Rathindran, Subramanian (2001). Measuring services trade liberalization and its impact on economic growth: An illustration. Journal of Economic Integration Vol. 21(1), pp. 64-98.
45. McKinnon, R. I. (1973). Money and capital in economic development. Washington, DC: Brookings Institution.
46. Muto, M., & Yamano, T. (2009). The impact of mobile phone coverage expansion on market participation: Panel data evidence from Uganda. World Development, 37(12), 1887–1896.
47. Nasab, E. H., & Aghaei, M. (2009). The effect of ICT on economic growth: Further evidence. International Bulletin of Business Administration, 5(2), 46-56.
48. Nour, S. S. O. M. (2002). The impact of ICT on Economic development in the Arab world: a comparative study of Egypt and the Gulf countries. Economic research forum working paper no. 0237.
49. Paleologos John & Polemis M. (2013). What drives investment in the telecommunications sector? Some lessons from the OECD countries. Telecommunications Policy 38 (2014),49–65.
50. Pesaran, Shin & Smith R. J. (2001). Bounds testing approaches to the analysis of level Relationships. Journal of applied Econometrics, 16(3), 289-326.
51. Pesaran M. H., Shin Y. & Smith R. P. (1999). Pooled Mean Group Estimation of Dynamic Heterogeneous Panels. Journal of American Statistical Association, 94(446), 621–634.
52. Pesaran M. H. & Smith R. P. (1995). Estimating Long-run Relationship from Dynamic Heterogeneous Panel. Journal of Econometrics 68(1), 79–113.
53. Pohjola, M. (2002). The new economy in growth and development. Oxford Review of Economic Policy, 18(3), 380-396.
54. Pradhan, R. P., Arvin, M. B., & Bahmani, S. (2018). Are innovation and financial development causative factors in economic growth? Evidence from a panel granger causality test. Technological Forecasting and Social Change, 132, 130-142.https://doi.org/10.1016/j.techfore.2018.01.024
55. Ram, R. (1999), "Financial development and economic growth: additional evidence". Journal of Development Studies, 35(4), 164–174.
56. Roller & Waveman, L. (2001). Telecommunication Infrastructure and Economic Development: A Simultaneous Approach. American Economic Review, 91, 4: 878-909.
57. Sassi, S., & Goaied, M. (2013). Financial development, ICT diffusion and economic growth: Lessons from MENA region. Telecommunication Policy, 37, 252–261.https://doi.org/10.1016/j.telpol.2012.12.004
58. Schumpeter, J. A. (1911). The theory of economic development. Massachusetts: Cambridge.
59. Seo, H. J., Lee, Y. S., & Oh, J. H. (2009). Does ICT investment widen the growth gap? Telecommunications Policy, 33(8), 422-431.
60. Sepehrdoust, H. (2018). Impact of information and communication technology and financial development on economic growth of OPEC developing economies. Kasetsart Journal of Social Sciences, Kasetsart, 6-11. https://doi.org/10.1016/j.kjss.2018.01.008
61. Shamim, F. (2007). The ICT environment, financial sector and economic growth: a cross-country Analysis. Journal of Economic Studies, 34(4), 352–370.
62. Shaw, E. S. (1973). Financial deepening in economic development. New York: Oxford University Press.
63. Singh, T. (2008). Financial development and economic growth nexus: A time-series evidence from India. Applied Economics, Vol.40, pp. 1615-1627.
64. Traoré I. & Ouédraogo I.M. (2020). Le rôle du numérique dans la relation finance-croissance dans l’espace CEDEAO. Revue d’Economie Théorique et Appliquée, Volume 10(1), 17-34.
65. Van Nieuwerburgh, S., Buelens, F., & Cuyvers, L. (2006). Stock market development and economic growth in Belgium. Explorations in Economic History, 43(1), 13–38.
66. Vladica Tintor, Vlade Milicevic, Milan Jankovic, Jovan Radunovic (2009). Liberalization of the mobile telephony market in the Republic of Serbia. Elsvier, Technology in Society; 31 (2009) 384–398.
67. Vu, K. M. (2011). ICT as a source of economic growth in the information age: Empirical evidence from the 1996–2005 period. Telecommunications Policy, 35(4), 357–372.
68. Waverman, L., Meschi, M., & Fuss, M. (2005). The impact of telecoms on economic growth in developing countries. The Vodafone policy paper series, 2(03), 10-24.
69. Yartey, C. A. (2008). Financial development, the structure of capital markets, and the global digital divide. Information economics and Policy, 20(2), 208-227.
70. Zagorchev, A., Vasconcellos, G., & Bae, Y. (2011). Financial development, technology, growth and performance: Evidence from the accession to the EU. Journal of International Financial Markets, Institutions and Money, 21(5), 743-759.
Published
2022-11-30
How to Cite
Gbame, H. D., & Drissa, S. (2022). Development Financier, Diffusion des tic et Croissance Economique dans les pays de l‘Uemoa. European Scientific Journal, ESJ, 18(34), 18. https://doi.org/10.19044/esj.2022.v18n34p18
Section
ESJ Social Sciences
Copyright (c) 2022 Hervé Daniel Gbame, Silue Drissa
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
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