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Macroeconomic determinants of economic growth in South Africa: A cointegration evidence Déterminants macroéconomiques de la croissance économique en Afrique du Sud : une preuve de cointégration
Abstract
Purpose: The aim of this paper is to investigate the determinants of economic growth in South Africa amidst ongoing macroeconomic challenges.
Method: During the analysis of yearly time series data, stationarity was assessed using the Phillips-Perron and Augmented Dickey-Fuller tests, and the relationships between variables were explored using an Autoregressive Distributed Lag (ARDL) model, with Granger causality employed to investigate causal relationships among the variables.
Results: In the long run, financial development, capital stock, and employment are significant determinants of economic growth. In the short run, all variables examined were significant.
Originality/Relevance: The study addresses critical macroeconomic challenges in South Africa, providing insights that can inform policies aimed at stimulating economic growth through employment, investment in capital, and financial development.
Objectif : Cette étude a pour objectif d’étudier les déterminants de la croissance économique en Afrique du Sud dans un contexte de défis macroéconomiques actuels.
Méthode : Lors de l'analyse des données des séries chronologiques annuelles, la stationnarité a été évaluée à l'aide des tests de Phillips-Perron et de Dickey-Fuller augmenté, et les relations entre les variables ont été explorées à l'aide d'un modèle de décalage distribué autorégressif (ARDL), avec la causalité de Granger utilisée pour étudier les relations causales entre les variables.
Résultats : À long terme, le développement financier, le stock de capital et l’emploi sont des déterminants importants de la croissance économique. À court terme, toutes les variables examinées étaient significatives.
Originalité/Pertinence : L'étude aborde les défis macroéconomiques critiques en Afrique du Sud, fournissant des informations qui peuvent éclairer les politiques visant à stimuler la croissance économique par l'emploi, l'investissement en capital et le développement financier.
