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The Causal Relationship between Stock, Credit Market and Economic Development: An Empirical Evidence for Greece

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  • Chaido Dritsaki

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  • Melina Dritsaki-Bargiota
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    Abstract

    This paper examines empirically the causal relationship among financial development, credit market and economic growth by using a trivariate autoregressive VAR model in Greece for the examined period 1988:1–2002:12. The results of cointegration analysis suggested that there is one cointegrated vector among the functions of stock market, the banking sector development and economic growth. Granger causality tests have shown that there is a bilateral causal relationship between banking sector development and economic growth and a unidirectional causality between economic growth and stock market development whereas there is no causal relationship between the stock market and banking sector development. Copyright Springer 2005

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    File URL: http://hdl.handle.net/10.1007/s10644-005-4525-3
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    Bibliographic Info

    Article provided by Springer in its journal Economic Change and Restructuring.

    Volume (Year): 38 (2005)
    Issue (Month): 1 (03)
    Pages: 113-127

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    Handle: RePEc:kap:ecopln:v:38:y:2005:i:1:p:113-127

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    Web page: http://www.springerlink.com/link.asp?id=113294

    Related research

    Keywords: credit market; economic development; Granger causality; Greece; stock market; O11; C22;

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    Cited by:
    1. Pradhan, Rudra P. & Bagchi, Tapan P., 2013. "Effect of transportation infrastructure on economic growth in India: The VECM approach," Research in Transportation Economics, Elsevier, vol. 38(1), pages 139-148.
    2. Polat, Ali & Shahbaz, Muhammad & Ur Rehman, Ijaz & Satti, Saqlain Latif, 2013. "Revisiting Linkages between Financial Development, Trade Openness and Economic Growth in South Africa: Fresh Evidence from Combined Cointegration Test," MPRA Paper 51724, University Library of Munich, Germany, revised 25 Nov 2013.

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