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http://hdl.handle.net/10419/29733
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| Title: | | Financial development and economic growth: evidence from ten new EU members  |
| Authors: | | Caporale, Guglielmo Maria Rault, Christophe Sova, Robert Sova, Anamaria |
| Issue Date: | | 2009 |
| Series/Report no.: | | Discussion papers // German Institute for Economic Research 940 |
| Abstract: | | This paper reviews the main features of the banking and financial sector in ten new EU members, and then examines the relationship between financial development and economic growth in these countries by estimating a dynamic panel model over the period 1994-2007. The evidence suggests that the stock and credit markets are still underdeveloped in these economies, and that their contribution to economic growth is limited owing to a lack of financial depth. By contrast, a more efficient banking sector is found to have accelerated growth. Furthermore, Granger causality test indicate that causality runs from financial development to economic growth, but not in the opposite direction. |
| Subjects: | | Financial development economic growth causality tests transition economies |
| JEL: | | E44 E58 F36 P26 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des DIW DIW-Diskussionspapiere
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