This study examined symmetric and asymmetric causal relationships among financial systems, regulatory quality, and economic performance in selected African countries. The patterns of causality and impulse responses were found to vary across the selected countries, and the following were confirmed: symmetric demand-following, symmetric supply-leading, symmetric feedback, and neutrality hypotheses. Also confirmed were negative and positive demand-following hypotheses, negative and positive supply-leading hypotheses, and negative and positive feedback hypotheses. Overall, our recommendation is that in cases where supply-leading hypothesis is confirmed, policy target should be financial development so as to either stimulate economic growth or prevent economic decline, whereas in cases where demand-following hypothesis is confirmed, emphasis should be placed on growth-enhancing policies in order to either achieve financial development or prevent crisis in the financial system. We also argue that the quality of regulation plays an important role in the finance-growth nexus as it has a mediating effect on both the real and financial sectors. We further argue that it is important to consider asymmetric dynamics when testing causality in finance-growth relationships. It is possible that the economy (financial system) would react differently to changes in financial system (economy), depending on whether the changes are positive or negative.

这项研究考察了选定非洲国家金融体系，监管质量和经济绩效之间的对称和非对称因果关系。发现因果关系和冲动响应的模式在所选国家/地区有所不同，并确认了以下内容：对称的需求跟踪，对称的供应主导，对称的反馈和中立性假设。还证实了需求跟随的消极和积极假说，供给领先的消极和积极假说以及反馈积极和消极假说。总体而言，我们的建议是，在确定了供应主导假设的情况下，政策目标应该是金融发展，以刺激经济增长或防止经济下滑，而在确定了追随需求假设的情况下，应该着重于促进增长的政策，以实现金融发展或防止金融体系危机。我们还认为，监管质量在金融增长关系中起着重要作用，因为它对房地产和金融部门都有中介作用。我们进一步认为，在测试金融增长关系中的因果关系时，必须考虑非对称动力。经济（金融系统）对金融系统（经济）变化的反应可能会有所不同，具体取决于变化是正面的还是负面的。我们还认为，监管质量在金融增长关系中起着重要作用，因为它对房地产和金融部门都有中介作用。我们进一步认为，在测试金融增长关系中的因果关系时，必须考虑非对称动力。经济（金融系统）对金融系统（经济）变化的反应可能会有所不同，具体取决于变化是正面的还是负面的。我们还认为，监管质量在金融增长关系中起着重要作用，因为它对房地产和金融部门都有中介作用。我们进一步认为，在测试金融增长关系中的因果关系时，考虑不对称动力学很重要。经济（金融系统）对金融系统（经济）变化的反应可能会有所不同，具体取决于变化是正面的还是负面的。