Abstracts
Résumé
Cet article étudie le lien entre l’efficacité de l’intermédiation financière et la croissance économique sur un panel de sept pays de l’UEMOA sur la période 1990-2008. Tout d’abord, un modèle théorique est présenté dans lequel l’efficacité de l’intermédiation bancaire renforce la croissance économique par le biais de l’amélioration de la productivité marginale du capital. Ensuite, l’efficacité du secteur bancaire est étudiée par le concept d’efficacité-X de Leibenstein (1966). Les scores d’efficacité bancaire sont estimés par la méthode DEA (Data Envelopment Analysis), appliquée à un modèle de production bancaire sur un échantillon de banques de l’UEMOA. Finalement, les scores moyens d’efficacité bancaire par pays sont calculés et utilisés comme indicateur de l’efficacité de l’intermédiation financière dans un modèle de croissance sur données de panel. Les résultats suggèrent l’existence d’une influence positive et significative de l’efficacité du secteur bancaire sur la croissance économique.
Abstract
This paper explores the connection between financial intermediation efficiency and economic growth on a panel of seven countries of WAEMU from 1990 to 2008. First, a theoretical model is presented in which financial efficiency enhances economic growth by means of increasing the marginal productivity of capital. Next, the banking sector efficiency is apprehended by the X-efficiency concept of Leibenstein (1966). Banking efficiency scores are estimated with Data Envelopment Analysis method, applied to banking production model on a sample of banks of the WAEMU. Finally, average scores of banking efficiency by country are calculated and used as indicator of financial intermediation efficiency in a growth model on panel data. Results suggest the existence of a positive impact of the banking sector efficiency on the economic growth.
Appendices
Bibliographie
-
Andersen, T.B. et F. Tarp (2003), « Financial Liberalization, Financial Development and Economic Growth in LDCs », Journal of International Development, 15(2) : 189-209.10.1002/jid.971 Google Scholar Search this bibliographic reference on Google Scholar
-
Bagehot, W. (1873), « Lombard Street: A Description of the Money Market », éd. de 1962, Richard D. Irwin, Homewood, IL.10.1016/S0731-9053(00)15002-9 Google Scholar Search this bibliographic reference on Google Scholar
-
Baltagi, B. H. et C. Kao (2000), « Nonstationary Panels, Cointegration in Panels and Dynamic Panels: A Survey », Advances in Econometrics, 15 : 7-51.10.1016/S0731-9053(00)15002-9 Google Scholar Search this bibliographic reference on Google Scholar
-
Banker, R. D., A. Charnes et W. Cooper (1984), « Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis », Management Science, 30(9) : 1078-1092.10.1287/mnsc.30.9.1078 Google Scholar Search this bibliographic reference on Google Scholar
-
Banque de France (2004), Rapport Annuel de la Zone franc.10.2307/2297964 Google Scholar Search this bibliographic reference on Google Scholar
-
Banque mondiale (1989), « Systèmes financiers et développement, indicateurs du développement dans le monde », Rapport sur le développement dans le monde.10.1016/S0377-2217(96)00342-6 Google Scholar Search this bibliographic reference on Google Scholar
-
Banque mondiale (2011), 2011 Africa Development Indicators, World Bank, Washington D.C.10.3406/reco.1994.409564 Google Scholar Search this bibliographic reference on Google Scholar
- BCEAO, Bilan des banques et établissements financiers de l’UMOA, divers numéros.10.1111/1468-0335.00116 Google Scholar Search this bibliographic reference on Google Scholar
-
Becher, D. A., G. Deltas et G. Pinteris, (2006), « Reconsidering the Degree of Inefficiency of Financial Institutions », presented at the 2006 Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago. Available from http://www.chicagofed.org/news_and_conferences/conferences_and_events/files/2006_bsc_becher.pdf.10.1016/S0304-3932(96)01275-5 Google Scholar Search this bibliographic reference on Google Scholar
-
Beck, T., R. Levine et N. Loayza (2000), « Finance and the Sources of Growth », Journal of Financial Economics, 58 (1-2) : 261-300.10.1016/S0304-405X(00)00072-6 Google Scholar Search this bibliographic reference on Google Scholar
-
Bencivenga, V. R. et B. D. Smith (1991). « Financial Intermediation and Endogenous Growth », Review of Economic Studies, 58(2) : 195-209.10.2307/2297964 Google Scholar Search this bibliographic reference on Google Scholar
-
Berger, A.N. et D.B. Humphrey (1997). « Efficiency of Financial Institutions: International Survey and Directions for Future Research », European Journal of Operational Research, 98(2) : 175-212.10.1016/S0377-2217(96)00342-6 Google Scholar Search this bibliographic reference on Google Scholar
-
Berthelemy, J. et A. Varoudakis (1994), « Intermédiation financière et croissance endogène », Revue Economique, 45(3) : 737-750.10.3406/reco.1994.409564 Google Scholar Search this bibliographic reference on Google Scholar
-
Blackburn, K. et V. T. Y. Hung (1998), « A Theory of Growth, Financial Development and Trade », Economica, 65(257) : 107-124.10.1111/1468-0335.00116 Google Scholar Search this bibliographic reference on Google Scholar
-
Bose, N. et R. Cothren (1996), « Equilibrium Loan Contracts and Endogenous Growth in the Presence of Asymmetric Information », Journal of Monetary Economics, 38(2) : 363-376.10.1016/S0304-3932(96)01275-5 Google Scholar Search this bibliographic reference on Google Scholar
-
Boyd, J. H. et B. D. Smith (1996), « The Co-evolution of the Real and Financial Sectors in the Growth Process », World Bank Economic Review, 10 : 371-396.10.1093/wber/10.2.371 Google Scholar Search this bibliographic reference on Google Scholar
-
Charnes, A., W. Cooper, A.Y. Lewin et L.M. Seiford (1995), Data Envelopment Analysis. Theory, Methodology, and Applications, Boston, Kluwer Academie Publishers.10.1111/j.1468-0297.1997.tb00041.x Google Scholar Search this bibliographic reference on Google Scholar
-
Christopoulos, D.R et E.G. Tsionas (2004), « Financial Development and Economic Growth : Evidence from Panel Unit Root and Cointegration Test », Journal of Development Economics, 73(7) : 55-74.10.1016/j.jdeveco.2003.03.002 Google Scholar Search this bibliographic reference on Google Scholar
-
Commission Bancaire de l’UMOA, Rapport annuel de 2004, 2006 et 2007.10.1086/450226 Google Scholar Search this bibliographic reference on Google Scholar
-
Demetriades, P. et K. Hussein (1996). « Does Financial Development Cause Economic Growth? Time Series Evidence from 16 Countries », Journal of Development Economics, 51(2) : 387-411.10.1016/S0304-3878(96)00421-X Google Scholar Search this bibliographic reference on Google Scholar
-
Easterly, W. (1993), « How Much Do Distortions Affect Growth », Journal of Monetary Economics, 32(4) : 187-212.10.1016/0304-3932(93)90002-W Google Scholar Search this bibliographic reference on Google Scholar
-
Esso, J. L. (2009), « Développement financier, croissance économique et inégalités de revenus entre les pays de l’UEMOA », Série de Documents de Recherche n° 2009/17, CRES, Dakar.10.1111/j.1468-0351.2009.00360.x Google Scholar Search this bibliographic reference on Google Scholar
-
Fixler, D. et K. Zieschang, (1999), « The Productivity of the Banking Sector: Integrating Financial and Production Approaches of Measuring Financial Service Output », Canadian Journal of Economics, 32(2) : 547-569.10.2307/136435 Google Scholar Search this bibliographic reference on Google Scholar
-
Fortin, M. et A. Leclerc (2007), « Should we Abandon the Intermediation Approach for Analyzing Banking Performance? », Working paper 07-01, GREDI, Université de Sherbrooke, http://pages.usherbrooke.ca/gredi/wpapers/GREDI-0701.pdf10.2307/2118429 Google Scholar Search this bibliographic reference on Google Scholar
-
Fortin, M. et A. Leclerc (2011), « L’efficience des coopératives de services financiers : une analyse de la contribution du milieu », Annals of Public and Cooperative Economics, 82(1) : 45–62.10.1111/j.1467-8292.2010.00427.x Google Scholar Search this bibliographic reference on Google Scholar
-
Fry, M.J. (1988), Money, Interest, and Banking in Economic Development, The Johns Hopkins University Press.10.1017/CBO9780511752056.011 Google Scholar Search this bibliographic reference on Google Scholar
-
Fry, M.J. (1989), « Financial Development: Theories and Recent Evidence », Oxford Review of Economic Policy, 5 : 13-28.10.1093/oxrep/5.4.13 Google Scholar Search this bibliographic reference on Google Scholar
-
Fry, M.J. (1997), « In Favour of Financial Liberalisation », The Economic Journal, 107(442) : 754-770.10.1111/j.1468-0297.1997.tb00041.x Google Scholar Search this bibliographic reference on Google Scholar
-
Gertler, M. et A. Rose (1994), « Finance, Public Policy and Growth » in G. Caprio, I. Atiyas et J. Hanson (éds), Financial Reform: Theory and Experience, New-York, Cambridge University Press, p. 13-14.10.1016/S0304-3932(00)00017-9 Google Scholar Search this bibliographic reference on Google Scholar
-
Goldsmith, R. W. (1955), « Financial Structure and Economic Growth in Avanced Countries », inNational Bureau Committee for Economic Research, Capital Formation and Economic Growth, Princeton, University Press.10.1016/S0304-3878(99)00045-0 Google Scholar Search this bibliographic reference on Google Scholar
-
Goldsmith, R. W. (1969). Financial Structure and Development, Yale University Press, New Heaven.10.1111/1468-0084.61.s1.13 Google Scholar Search this bibliographic reference on Google Scholar
-
Greenwood, J. et B. Jovanovic (1990). « Financial Development, Growth and the Distribution of Income », Journal of Political Economy, 98(5) : 1076-1107.10.1086/261720 Google Scholar Search this bibliographic reference on Google Scholar
-
Gurley, J.G. et E. Shaw (1967), « Financial Structures and Economic Development », Economic Development and Cultural Change, 4(3) : 257-268.10.1086/450226 Google Scholar Search this bibliographic reference on Google Scholar
-
Gurley, J.G. et E. Shaw (1955), « Financial Aspect of Economic Development », American Economic Review, 55 : 515-53810.1016/0014-2921(93)90051-B Google Scholar Search this bibliographic reference on Google Scholar
-
Gurley, J.G. et E. Shaw (1960), La Monnaie dans la théorie des actifs financiers, traduit par le Centre de traductions économiques de Perpignan, Cujas, 1973.10.1080/00220389908422585 Google Scholar Search this bibliographic reference on Google Scholar
-
Hausman, J.A. (1978), « Specification Tests in Econometrics », Econometrica, 46(6) : 1251-1271.10.2307/1913827 Google Scholar Search this bibliographic reference on Google Scholar
-
Hicks, J.H. (1935), « Annual Survey of Economics Theory: The Theory of Monopoly », Econometrica, 3 : 1-20.10.2307/1907343 Google Scholar Search this bibliographic reference on Google Scholar
-
Huang, H. et S. Lin (2009), « Non-Linear Finance-Growth Nexus: A Threshold with Instrumental Variable Approach », Economics of Transition, 17 (3) : 439-466.10.1111/j.1468-0351.2009.00360.x Google Scholar Search this bibliographic reference on Google Scholar
-
Hurlin, C. et V. Mignon, (2005), « Une synthèse des tests de racine unitaire sur données de panel », Économie & prévision, 169-170-171 : 253-294.10.1007/BF02295212 Google Scholar Search this bibliographic reference on Google Scholar
-
Im, K. S., M. H. Pesaran et Y. Shin (2003). « Testing for Unit Roots in Heterogeneous Panels », Journal of Econometrics, 115(1): 53-74.10.1016/S0304-4076(03)00092-7 Google Scholar Search this bibliographic reference on Google Scholar
-
Japelli, T. et M. Pagano (1994), « Growth, and Liquidity Constraints », Quarterly Journal of Economics, 109 (1) : 83-109.10.2307/2118429 Google Scholar Search this bibliographic reference on Google Scholar
-
Khan, M.S. et A.S. Senhadji (2003), « Financial Development and Economic Growth », Journal of African Economies, 12(suppl.2) : 89-110.10.1093/jae/12.suppl_2.ii89 Google Scholar Search this bibliographic reference on Google Scholar
-
King, R. G. et R. Levine (1993a). « Financial Intermediation and Economic Development », in Mayer, C. et X. Vives (éds), Capital Markets and Financial Intermediation», Cambridge University Press, p. 156-196.10.1017/CBO9780511752056.011 Google Scholar Search this bibliographic reference on Google Scholar
-
King, R.G. et R. Levine (1993b), « Finance and Growth: Schumpeter might be Right », The Quarterly Journal of Economics, 108(3) : 717-737.10.2307/2118406 Google Scholar Search this bibliographic reference on Google Scholar
-
King, R. G. et R. Levine (1993c), « Finance, Entrepreneurship, and Growth: Theory and Evidence », Journal of Monetary Economics, 32(3) : 513-542.10.1016/0304-3932(93)90028-E Google Scholar Search this bibliographic reference on Google Scholar
-
Leibenstein, H. (1966), « Allocative Efficiency versus X-efficiency », American Economic Review, 56(3) : 392-415.Google Scholar Search this bibliographic reference on Google Scholar
-
Levin, A., et C.-F. Lin (1992), « Unit Root Tests in Panel Data: Asymptotic and Finite-sample Properties », Department of Economics, UC San Diego, Working Paper, 92-23.Google Scholar Search this bibliographic reference on Google Scholar
-
Levine, R. (1992), « A Sensitivity Analysis of Cross-Country Growth Regressions », The American Economic Review, 82(4) : 942-963.10.1007/978-94-011-0637-5 Google Scholar Search this bibliographic reference on Google Scholar
-
Levine, R. (1997), « Financial Development and Economic Growth: Views and Agenda », Journal of Economic Literature, 35(2), 688-726.Google Scholar Search this bibliographic reference on Google Scholar
-
Levine, R., N. Loayza et T. Beck (2000), « Financial Intermediation and Growth: Causality and Causes », Journal of Monetary Economics, 46(1) : 31-77.10.1016/S0304-3932(00)00017-9 Google Scholar Search this bibliographic reference on Google Scholar
-
Lozano-Vivas, A. et D.B. Humphrey (2002). « Bias in Malmquist Index and Cost Function Productivity Measurement in Banking », European Journal of Operational Research, 76 : 177-188.Google Scholar Search this bibliographic reference on Google Scholar
-
Luintel, B.K. et M. Khan (1999), « A Quantitative Re-assessment of the Finance-growth Nexus: Evidence from a Multivariate VAR », Journal of Development Economics, 60 : 381-416.10.1016/S0304-3878(99)00045-0 Google Scholar Search this bibliographic reference on Google Scholar
-
Maddala, G. S. et S. Wu (1999), « A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test », Oxford Bulletin of Economics and Statistics, 61 : 631-652.10.1111/1468-0084.61.s1.13 Google Scholar Search this bibliographic reference on Google Scholar
-
McKinnon, R.I. (1973), Money and Capital in Economic Development, The Brookings Institution, Washington, DC.Google Scholar Search this bibliographic reference on Google Scholar
-
McKinnon, R.I. (1991), The Order of Economic Liberalization: Financial Control in the Transition to a Market Economy, John Hopkins University Press, Baltimore.Google Scholar Search this bibliographic reference on Google Scholar
-
Nakamura A. et M. Nakamura (1981), « On the Relationships among Several Specification Error Tests Presented by Durbin, Wu and Hausman », Econometrica, 49 : 1583-1588.10.2307/1911420 Google Scholar Search this bibliographic reference on Google Scholar
-
Odedokun, M. O. (1996), « Alternative Econometric Approaches for Analyzing the Role of the Financial Sector in Economic Growth: Time-Series Evidence from LDCs », Journal of Development Economics, 50(1) : 119-146.10.1016/0304-3878(96)00006-5 Google Scholar Search this bibliographic reference on Google Scholar
-
Pagano, M. (1993), « Financial Markets and Growth: An Overview », European Economic Review, 37(2-3) : 613-622.10.1016/0014-2921(93)90051-B Google Scholar Search this bibliographic reference on Google Scholar
-
Raffinot, M., et B. Vénet (1998) « Approfondissement financier, libéralisation financière et croissance : le cas de l’Union économique et monétaire ouest-africaine (UEMOA) », Contribution au Colloque de l’AFSE, Paris.Google Scholar Search this bibliographic reference on Google Scholar
-
Ram, R. (1999), « Financial Development and Economic Growth: Additional Evidence », The Journal of Development Studies, 35(4) : 164-174.10.1080/00220389908422585 Google Scholar Search this bibliographic reference on Google Scholar
-
Rioja, F. et N. Valev (2004), « Finance and the Sources of Growth at Various Stages of Economic Development », Economic Inquiry, 42(1) : 127-140.10.1093/ei/cbh049 Google Scholar Search this bibliographic reference on Google Scholar
-
Romer, P. (1986), « Increasing Returns and Long Run Growth », Journal of Political Economy, 94 : 1002-1037.10.1086/261420 Google Scholar Search this bibliographic reference on Google Scholar
-
Rouabah, A. (2002), « Économies d’échelle, économies de diversification et efficacité productive des banques luxembourgeoises : une analyse comparative des frontières stochastiques sur données en panel », Working paper n° 3, Banque centrale du Luxembourg.10.1016/S0925-5273(01)00162-1 Google Scholar Search this bibliographic reference on Google Scholar
-
Roubini, N. et X. Sala-i-Martin (1992), « Financial Repression and Economic Growth », Journal of Development Economics, 39(1) : 5-30.10.1016/0304-3878(92)90055-E Google Scholar Search this bibliographic reference on Google Scholar
-
Sanchez-Robles, B. (1997), « Financial Efficiency and Economic Growth in Spain, 1962-1995 », International Advances in Economic Research, 3 : 333-351.10.1007/BF02295212 Google Scholar Search this bibliographic reference on Google Scholar
-
Schumpeter, J. A. (1911), Theorie der Wirtschaftlichen Entwicklung, Leipzig: Duncker et Humblot. English Edition, Theory of Economic Development, Harvard University Press, Cambridge, MA., 1959.Google Scholar Search this bibliographic reference on Google Scholar
-
Shaw, I. (1973), Financial Deepening in Economic Development, Oxford University Press, New YorkGoogle Scholar Search this bibliographic reference on Google Scholar
-
Spears, A. (1992), «The Role of Financial Intermediation in Economic Growth in Sub-Saharan Africa », Canadian Journal of Development Studies, 13(3) : 361-380.10.1080/02255189.1992.9669467 Google Scholar Search this bibliographic reference on Google Scholar
-
Trabelsi, M. (2002), « Finance and Growth: Empirical Evidence from Developing Countries, 1960-1990 », Cahier de recherche, 2002-13, Université de Montréal.Google Scholar Search this bibliographic reference on Google Scholar
-
Wooldridge, J.M. (2002), Econometric Analysis of Cross Section and Panel Data, MIT Press, Cambridge, Massachusetts. Google Scholar Search this bibliographic reference on Google Scholar
-
Zhu, A., M. Ash et R. Pollin, (2004), « Stock Market Liquidity and Economic Growth: A Critical Appraisal of the Levine/Zervos Model », International Review of Applied Economics, 18 (1) : 1-8.10.1080/0269217032000148645 Google Scholar Search this bibliographic reference on Google Scholar