The Linkage between Financial Liberalization and Economic Development: Empirical Evidence from Poland
AbstractThis paper uses time series empirical data on six key indicators of financial liberalization in Poland to explore the linkage between financial liberalization and economic growth. We begin with a survey of the financial liberalization process and then use monthly empirical data covering the period 1990-2002 to examine the linkages between financial liberalization and economic development. The results of our study indicate that not only is there evidence of a long run positive linkage between financial liberalization and economic growth but also that there is strong evidence to indicate that the direction of causation runs from the former to the latter and not vice-versa. Evidence from all six of the financial indicators (Turnover, Capitalization, narrow money M0, broad money M2, Depth and Share Prices) indicates that they raise industrial production while the latter causes financial development in only two of the cases.
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Bibliographic InfoArticle provided by Center for Economic Integration, Sejong University in its journal Journal of Economic Integration.
Volume (Year): 20 (2005)
Issue (Month): ()
Financial deepening; Growth; Cointegration; Casuality;
Other versions of this item:
- 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.
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
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- Granger, C. W. J., 1988. "Some recent development in a concept of causality," Journal of Econometrics, Elsevier, vol. 39(1-2), pages 199-211.
- Dimitrios Asteriou & Simon Price, 2000. "Financial Development and Economic Growth: Time Series Evidence for the case of UK," Ekonomia, Cyprus Economic Society and University of Cyprus, vol. 4(2), pages 122-141, Winter.
- Abdullahi D. Ahmed, 2010. "Financial liberalization, financial development and growth linkages in Sub-Saharan African countries: An empirical investigation," Studies in Economics and Finance, Emerald Group Publishing, vol. 27(4), pages 314-339, October.
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