Hidden Bibliographic Details
| Other authors / contributors: | Rahmati, Mohammad, author.
International Monetary Fund. Middle East and Central Asia Department.
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| ISBN: | 9781484396063
1484396065
9781484366783
1484366786
9781484385883
1484385888
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| Notes: | Title from PDF title page (IMF Web site, viewed May 1, 2013).
"Middle East and Central Asia Department"--Page 2 of pdf.
"May 2013"--Page 2 of pdf.
Includes bibliographical references (pages 18-20).
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| Summary: | "This paper investigates the causal relationship between financial development and economic growth in Libya during the period 1970-2010. The empirical results vary with estimation methodology and model specification, but indicate the lack of long-run relationship between financial intermediation and nonhydrocarbon output growth. The OLS estimation shows that financial development has a statistically significant negative effect on real nonhydrocarbon GDP per capita growth. However, the VAR-based estimations present statistically insignificant results, albeit still attaching a negative coefficient to financial intermediation. It appears that nonhydrocarbon economic activity depends largely on government spending, which is in turn determined by the country's hydrocarbon earnings"--Abstract.
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