Les Effets De L'intégration Financière Sur La Croissance économique Maghrébine à L'ère Des Chocs Financiers: Estimation D'un Modèle Var
Palabras clave:
intégration financière, globalisation, pays du maghreb, croissance économiqueResumen
L'objectif de ce travail consiste à examiner empiriquement les effets de l'intégration financière sur la croissance économique dans les trois pays du Maghreb (Algérie, Maroc et Tunisie) en estimant un modèle à vecteur autorégressif durant la période /990-2012. La littérature empirique a trouvé des résultats mitigés qui peuvent être classés en deux catégories: effet négatif et effet positif En fait, certains auteurs ont montré que la libéralisation du compte de capital n'a pas d'effet significatif sur la croissance économique (Grilli et Milesi-Ferretti 1995 ; Rodrick 1998 ; Kraay 1998 ; O'Donnell 2001 ; Edison et al 2002). Néanmoins, plusieurs études théoriques et empiriques ont affirmé que la libéralisation du compte de capital peut aider les pays à augmenter leur taux de croissance et à améliorer leur niveau de vie (Curley et Shaw /955, McKimwn 1973; Quinn 1997; Levine et Zervos, 1998; Chan-Lau et Chen, 2001 ; Bekaert et al 2005; Levchenko et al 2008; Mensi et al 2010, Hassana, Sanchezb & Yu 2011). Les résultats des estimations montrent que l'intégration Financière est un bon indicateur pour la stimulation de la croissance des économies maghrébines.
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