Financial Development and Economic Growth: Time Series Evidence for the case of UK

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Financial Development and Economic Growth: Time Series Evidence for the case of UK

Author Info

Dimitrios Asteriou (City University, Department of Economics, UK)
Simon Price (City University, Department of Economics, UK)

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Abstract

This 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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Publisher Info
Article provided by Cyprus Economic Society and University of Cyprus in its journal Ekonomia.

Volume (Year): 4 (2000)
Issue (Month): 2 (Winter)
Pages: 122-141
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Handle: RePEc:ekn:ekonom:v:4:y:2000:i:2:p:122-141

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Find related papers by JEL classification:
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment
G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

Cited by:
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Ewa Andriesz & Dimitrios Asteriou & Keith Pilbeam, 2003. "The linkage between financial liberalisation and economic development: empirical evidence from Poland," City University Economics Discussion Papers 03/03, Department of Economics, City University, London. [Downloadable!]
Rao, B. Bhaskara & Takirua, Toani, 2006. "The effects of exports, aid and remittances on output: The case of Kiribati," MPRA Paper 1548, University Library of Munich, Germany. [Downloadable!]
Bhaskara Rao & Maheshwar Rao, 2005. "Determinants Of Growth Rate: Some Methodological Issues With Data From Fiji," Macroeconomics 0509003, EconWPA. [Downloadable!]

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