Essay Title: 

The trend and the performance of the banking system and the capital markets in the Middle East and North Africa (MENA), and the link between an advanced Financial system and economic growth

March 24, 2016 | Author: | Posted in economics, mathematics and economics

note that was written in accordance to the instructions given in the original . This includes the references or sources requested by you . note that I have far exceeded the number of references mentioned by you in your . You have asked for Ross Levine ‘s work and I have given it to you . You have asked for comparison between the MENA and the advanced financial systems , I have given that to you . The case study method and the countries have been mentioned in your and it has been executed accordingly . I have given some [banner_entry_middle]

hints below but sending it in word would require you to pay extra because it is outside the scope of your “General comments

1 ) Your conclusion that financial development does not lead to growth

is not sufficiently substantiated in the . You make this

conclusion several times based on limited and flawed data analysis

This is a major point as it seriously impacts your analysis

The statement that financial development does not lead to growth has not been made in the . What we have found is that the contentions that factors associated with growth and banking activity are strongly and positively correlated (page 5 ) have not been substantiated by the study . For instance , with its growth boosted by oil UAE has actually slowed down its opening up of banking sector

We have stated that financial development is not the prime cause of economic growth . Is this the same as financial development does not lead to growth

What we are saying is that Levine ‘s claim that Financial systems exert first , causal impact on economic growth (page 21 ) is not substantiated by the evidence of the case study . Does this mean that we have stated that financial development does not lead to growth

What your faculty is trying to say is that there may some positive effects financial systems have on growth , however , however they have been overshadowed by the oil sector growth . You may include this argument as a qualification . This will make your argument more rounded

1 .a ) Most of the conclusions of studies you cite are based on examining data over a 20-30 year period . The data you present is either a single quarter or a couple of years of annual data . This amount of data is simply too short to be able to draw conclusions about the relationship between financial development and growth . No one claims that financial development leads to an immediate large increase in GDP . Its impact occurs over time and builds with the development of the financial sector

The conclusions of the studies that I have cited are actually based on limited data and narrow data selected with the purpose of proving or disproving a hypothesis . In fact in the I have been required to bring in Ross Levine ‘s work . His work is a lifetime work of a professor focused on proving that financial development leads to economic growth

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