TY - BOOK ID - 84543213 TI - Short-versus long-term credit and economic performance : evidence from the WAEMU AU - Kpodar, Kangni. AU - Gbenyo, Kodzo. AU - International Monetary Fund. PY - 2010 SN - 1462321437 1452725829 1283562464 1455200212 9786613874917 PB - [Washington, D.C.?] : International Monetary Fund, DB - UniCat KW - Economic development KW - Fiscal policy KW - Union economique et monetaire ouest africaine. KW - Africa, West KW - Economic conditions. KW - Tax policy KW - Taxation KW - Economic policy KW - Finance, Public KW - Development, Economic KW - Economic growth KW - Growth, Economic KW - Economics KW - Statics and dynamics (Social sciences) KW - Development economics KW - Resource curse KW - Government policy KW - IYEMOWA KW - UEMOA KW - West African Economic and Monetary Union KW - WAEMU KW - Union monétaire ouest africaine KW - Banks and Banking KW - Finance: General KW - Inflation KW - Money and Monetary Policy KW - Monetary Policy, Central Banking, and the Supply of Money and Credit: General KW - Financial Markets and the Macroeconomy KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - Price Level KW - Deflation KW - Monetary economics KW - Finance KW - Banking KW - Macroeconomics KW - Credit KW - Financial sector development KW - Bank credit KW - Financial services industry KW - Banks and banking KW - Prices KW - Guinea UR - https://www.unicat.be/uniCat?func=search&query=sysid:84543213 AB - This paper studies the link between financial development and economic growth in the West African Economic and Monetary Union (WAEMU). Using panel data for WAEMU countries over the period 1995-2006, the results suggest that while financial development does support growth in the region, long-term bank financing has a greater impact on economic growth than short-term financing because long-term projects have higher returns adjusted for risks. Given that in the WAEMU short-term credit accounts for about 70 percent of credit to the private sector, WAEMU countries are less able to reap the full benefits of improvements in their financial systems. The results also highlight the importance of macroeconomic stability, a creditor-friendly environment, political stability, and the availability of long-term financial resources in fostering banks’ supply of long-term loans. ER -