Financial Development and Economic Growth: A Panel Data Approach
نویسندگان
چکیده
The relationship between financial development and economic growth has been studied long time in economics (Adam Smith and Schumpeter). Structural reforms and the integration of financial markets have been attracting the interest of the academic community. This manuscript examines the link between financial development and economic growth. The European Union Countries (EU-27), and BRIC (Brazil, Russia, India and China) were examined, between 1980 and 2006. Using a static and dynamic panel data approach, the results demonstrate that the financial development contribute to economic growth. Our study also consider productivity and trade, these proxies confirm the positive effect on economic growth.
منابع مشابه
Economic growth, Financial development and CO2 Emission: PSTR Approach
The aim of this paper is to assess the sign and magnitude of the nonlinear effects of main socio-economic variables as well as the financial development index(measured by private credit to GDP ratio) on the environmental pollution. Specifically, the interaction of the socio-economic variables with financial development as a threshold variable in affecting CO2 emission is studied. In this respec...
متن کاملFinancial Development and Economic Growth: Panel Data and Trilateral Analysis
A large body of literatures links financial development to economic growth, yet the channels through which inflation and economic development affect this relationship have been less thoroughly explored. This research takes econometric and trilateral graphic approaches to examine these channels using 99 developing and developed countries during the years 1960-2009. Findings prove that respecti...
متن کاملThe Role of Islamic Financing on Economic Growth of Selected Islamic Countries Using Panel Data (Case Study of Islamic Sukuk)
Capital is an indispensable tool for economic growth and prosperity, which is accelerated through the financial markets, and Islamic finance tools have developed significantly in Islamic countries in recent years. Islamic financing has emerged with the aim of presenting a new paradigm to replace traditional and traditional financial systems and providing Shariah-based financial, business and in...
متن کاملThe Impact of Market Concentration on Insurance Penetration Rate: Panel Data Approach
The insurance industry is considered as one of the indicators of development, and as a major economic institution that supports the activities of other institutions. Therefore, the structure, operation, and efficiency of the country's insurance market play a significant role in the growth and development of the industry as well as the growth and development of the economy. Considering the impor...
متن کاملInvestigating Causal Relationship between Financial Development Indicators and Economic Growth: Toda and Yamamoto Approach
T he Causal relationship between financial development and economic growth has received divergent views in the literature under the traditional Granger approach to causality using data from various countries. The more recent Toda and Yamamoto and Dolado and Lütkepohl (TYDL) approach to causality were used to investigate the causal relationship between financial development and econom...
متن کامل