ARE FINANCIAL VARIABLES USEFUL TO ANTICIPATE ECONOMIC GROWTH? SOME ECONOMETRIC EVIDENCES

In the recent econometric literature, the role of financial variables in predicting macroeconomic fluctuations is ambiguous. Empirical results depend on the kind of variables, econometric models or sample size. However, some stylized facts clearly appear. In this paper, various financial variables are discussed, the main econometric models are briefly presented and a summary of recent results is put forward.