Financial Development and Economic Growth: A Panel Data Approach
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 f...
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| Format: | Article |
| Language: | English |
| Published: |
General Association of Economists from Romania
2010-10-01
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| Series: | Theoretical and Applied Economics |
| Subjects: | |
| Online Access: |
http://store.ectap.ro/articole/517.pdf
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| Summary: | 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. |
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| ISSN: | 1841-8678 1844-0029 |