Développement financier et croissance économique. Le cas du Maroc

This article proposes to examine the relation between the development of financial intermediation and the economic growth of Morocco for the period 1980-2015. We use the autoregressive time-lag model to model the long-term and short-run dynamics of the impact of financial intermediation on Morocco's growth rate. Econometric estimates show that when measuring the financial development of the banking market by the following variable: bank credit (BC), one generally arrives at a positive and significant link between the financial development of the banking market and economic growth. Second, when we measure the financial development of the stock market by market capitalization (MC), we arrive at a positive link between the financial development of the stock market and economic growth