Financial development and economic growth in an oil-rich economy: The case of Saudi Arabia

被引：92
|
作者：
Samargandi, Nahla [1 ,2 ]
Fidrmuc, Jan [1 ,3 ,4 ,5 ]
Ghosh, Sugata [1 ,3 ,6 ]
机构：
[1] Brunel Univ, Dept Econ & Finance, Uxbridge UB8 3PH, Middx, England
[2] King Abdulaziz Univ, Fac Econ & Adm, Dept Econ, Jeddah, Saudi Arabia
[3] Brunel Univ, CEDI, Uxbridge UB8 3PH, Middx, England
[4] Charles Univ Prague, Inst Econ Studies, CR-11636 Prague 1, Czech Republic
[5] CESifo, Munich, Germany
[6] Brunel Univ, BMRC, Uxbridge UB8 3PH, Middx, England
来源：
ECONOMIC MODELLING | 2014年 / 43卷
关键词：
Financial development; Economic growth; ARDL method; Oil and non-oil sectors; Saudi Arabia; TIME-SERIES EVIDENCE; STOCK MARKETS; COINTEGRATION; RUN; COUNTRIES; POLICY; CURSE; NEXUS;
D O I：
10.1016/j.econmod.2014.07.042
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We investigate the effect of financial development on economic growth in the context of Saudi Arabia, an oil-rich economy. In doing so, we distinguish between the effects of financial development on the oil and non-oil sectors of the economy. Using the Autoregressive Distributed Lag (ARDL) Bounds test technique, we find that financial development has a positive impact on the growth of the non-oil sector. In contrast, its impact on the oil-sector growth and total GDP growth is either negative or insignificant. This suggests that the relationship between financial development and growth may be fundamentally different in resource-dominated economies. (C) 2014 Elsevier BM. All rights reserved.
引用
收藏
页码：267 / 278
页数：12
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