Financial Deepening and Economic Growth Linkages: A Panel Data Analysis |
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Authors: | Nicholas Apergis Ioannis Filippidis Claire Economidou |
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Institution: | (1) University of Piraeus, 18534 Piraeus, Greece;(2) Utrecht School of Economics, University of Utrecht, Utrecht, The Netherlands |
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Abstract: | The paper examines whether a long-run relationship between financial development and economic growth exists employing panel
integration and cointegration techniques for a dynamic heterogeneous panel of 15 OECD and 50 non-OECD countries over the period
1975–2000. Three different measures of financial deepening are used to capture the variety of different channels through which
financial development can affect growth. Our findings support the existence of a single long-run equilibrium relation between
financial deepening, economic growth and a set of control variables. Further, the evidence points to a bi-directional causality
between financial deepening and growth.
JEL no. O11, O16, C33 |
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Keywords: | Financial development growth panel cointegration panel causality |
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