Financial deepening and economic growth linkages: A panel data analysis

被引:109
作者
Apergis, Nicholas [1 ]
Filippidis, Ioannis
Economidou, Claire
机构
[1] Univ Piraeus, Piraeus 18534, Greece
[2] Univ Utrecht, Utrecht Sch Econ, NL-3508 TC Utrecht, Netherlands
关键词
financial development; growth; panel cointegration; panel causality;
D O I
10.1007/s10290-007-0102-3
中图分类号
F [经济];
学科分类号
02 ;
摘要
The paper examines whether a long-run relationship between financial development and economic growth exists employing panel integration and cointegration techniques for a dynamic heterogeneous panel of 15 OECD and 50 non-OECD countries over the period 1975-2000. Three different measures of financial deepening are used to capture the variety of different channels through which financial development can affect growth. Our findings support the existence of a single long-run equilibrium relation between financial deepening, economic growth and a set of control variables. Further, the evidence points to a bi-directional causality between financial deepening and growth.
引用
收藏
页码:179 / 198
页数:20
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