FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH. A GRANGER CAUSALITY ANALYSIS FOR 13 CEE COUNTRIES
FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH. A GRANGER CAUSALITY ANALYSIS FOR 13 CEE COUNTRIES
Author(s): Laura Raisa Miloş, Marius Cristian MiloşSubject(s): Economy, Economic development, Financial Markets
Published by: Editura Eurostampa
Keywords: financial development; economic growth; CEE countries; Granger causality;
Summary/Abstract: The paper aims at investigating the direction of causality between financial development and economic growth for a group of 13 CEE countries, members of the European Union. We use the Granger causality tests and a multivariate panel model (GDP per capita, domestic credit to private sector, market capitalization). The results are consistent with the supply-leading hypothesis that supports the uni-directional causality from financial development to economic growth.
Journal: Anale. Seria Ştiinţe Economice. Timişoara
- Issue Year: XXII/2016
- Issue No: 22
- Page Range: 0-0
- Page Count: 11
- Language: English
