Trade openness, financial development and economic growth in North African countries
研究了1991-2015年四个北非国家（突尼斯、摩洛哥、阿尔及利亚、埃及）的数据，发现贸易开放促进经济增长，且金融发展能增强这一效应。
Abstract This contribution investigates the relationships between financial development, trade openness and economic growth on a panel of four North African countries (Tunisia, Morocco, Algeria and Egypt), over a 5‐year period from 1991 to 2015. In fact, using the generalized method of moment (GMM) in a panel data analysis, we found strong evidence of a positive link between trade openness and economic growth. Moreover, we found that trade openness appears to be working as a complement to financial development and that its effect is more pronounced in the presence of the financial development variable. Therefore, the policy implications of this study appeared clear. Hence, improvement efforts need to be driven by local‐level reforms to ensure the development of domestic financial system and take full advantage of the technology transfer induced by international trade.