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Globalization, Financial Development and Economic Growth

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  • Altu Kazar

    (Department of Economics, Tunceli University, Turkey)

  • G rkemli Kazar

    (Department of Economics, Mersin University, Mersin, Turkey)

Abstract

Widespread globalization and integration remove the borders but this leads to an increase in the income differences among countries. Today, the evaluation process of economic growth experience of countries shows that globalization degree of the economy is also important as the financial development. This paper investigates the relationship between financial development, globalization and economic growth for the case of the countries classified according to income levels over the period 1980-2010. After considering the panel characteristics of the dataset, long-run relationships among financial development, economic growth and the other key growth factors are analyzed by dynamic ordinary least squares method. The empirical results suggest that the effective policy applications are different according to the country classifications

Suggested Citation

  • Altu Kazar & G rkemli Kazar, 2016. "Globalization, Financial Development and Economic Growth," International Journal of Economics and Financial Issues, Econjournals, vol. 6(2), pages 578-587.
    • Handle: RePEc:eco:journ1:2016-02-30
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    Cited by:

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    2. Wahidin, Deni & Akimov, Alexandr & Roca, Eduardo, 2021. "The impact of bond market development on economic growth before and after the global financial crisis: Evidence from developed and developing countries," International Review of Financial Analysis, Elsevier, vol. 77(C).
    3. Ayesha Siddiqa & Tariq Hussain & Muhammad Qasim & M. Imran Javed, 2018. "The Impact of Globalization on Unemployment and Economic Growth: Panel Data Analysis for Developing Countries," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 7(3), pages 122-131, September.

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    More about this item

    Keywords

    Economic Growth; Globalization; Financial Development; Dynamic Ordinary Least Squares;
    All these keywords.

    JEL classification:

    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • F60 - International Economics - - Economic Impacts of Globalization - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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