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The aim of this paper is to re-examine the cointegrating and causal relationship between financial development and economic growth in the ECOWAS. To this end, we use the Gregory and Hansen (1996a, 1996b) approach to cointegration with structural change and the procedure for non-causality test of Toda and Yamamoto (1995). Data are from the World Bank (2007) and cover the period 1960-2005. We show that there is a long-run relationship between financial development and economic growth in six countries, namely, Burkina Faso, Cape Verde, Cote di¯Ivoire, Ghana, Liberia and Sierra Leone. In addition, we show that financial development i®leadsi¯ economic growth in Ghana and Mali while growth causes finance in Burkina Faso, Cote d'Ivoire and Sierra Leone, and a bidirectional causality in Cape Verde and Liberia. The policy implication is that Cape Verde, Ghana and Mali should give policy priority to financial reform while Burkina Faso, Cote di¯Ivoire and Sierra Leone should promote economic growth.

RE-EXAMINING THE FINANCE-GROWTH NEXUS: STRUCTURAL BREAK, THRESHOLD COINTEGRATION AND CAUSALITY EVIDENCE FROM THE ECOWAS