FINANCIAL DEVELOPMENT-ECONOMIC GROWTH NEXUS: A PANEL DATA ANALYSIS UPON OECD COUNTRIES

被引：0
|
作者：
Akinci, Gonul Yuce [1 ]
Akinci, Merter [1 ]
Yilmaz, Omer [2 ]
机构：
[1] Ordu Univ, Unye Fac Econ & Adm Sci, TR-52300 Unye Ordu, Turkey
[2] Ataturk Univ, Fac Econ & Adm Sci, TR-25000 Erzurum, Turkey
来源：
HITOTSUBASHI JOURNAL OF ECONOMICS | 2014年 / 55卷 / 01期
关键词：
financial development; economic growth; panel cointegration test; panel Granger causality test; TIME-SERIES EVIDENCE; STABILIZATION POLICY; COINTEGRATION; REPRESSION; INTERMEDIATION; INVESTMENT; REGRESSION; MARKETS; TESTS;
D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In this paper, the link between financial development and economic growth in OECD member countries is investigated using unbalanced panel cointegration and causality analysis for the period 1980-2011. The results of the Pedroni and Kao Cointegration Analysis show the existence of long-run relationship between financial development and economic growth. The result of Granger Causality Analysis indicates that there is a unidirectional causality relationship running from economic growth to the three proxy variables for financial development while a bidirectional relationship between broad measure of money and economic growth is observed. Therefore, it can be said that the demand-following phenomenon is dominant.
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页码：33 / 50
页数：18
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