Financial Development and Economic Growth: Time Series Evidence for the case of UK
AbstractThis paper investigates the effects of financial and stock market development on the process of economic growth in UK. We first present two alternative competing hypotheses regarding financial development and economic growth in terms of their casual relationships, in the context of supply-leading and demand-following hypothesis. The paper tests those two hypothesis using UK data. The evidence obtained from the cointegration and causality test strongly supports the supply-leading hypothesis, which suggests that the causal directions run from the development of the financial sector to the real sector (measured by real GDP per capita).
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Bibliographic InfoArticle provided by Cyprus Economic Society and University of Cyprus in its journal Ekonomia.
Volume (Year): 4 (2000)
Issue (Month): 2 (Winter)
Find related papers by JEL classification:
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
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- Andriesz, E. & Asteriou, D. & Pilbeam, K., 2003. "The linkage between financial liberalization and economic development: empirical evidence from Poland," Working Papers 03/03, Department of Economics, City University London.
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