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231 Financial And Real Sector Interactions: The Case Of Greece

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  • George E. HALKOS
  • Marianna K. TRIGONI

Abstract

In this study we try to detect the relationship between financial and real sector employing in the estimation procedure the recent time–series techniques of co–integration, vector error–correction modelling and Granger multivariate causality. We contribute to the existing literature by using for the first time a number of financial and economic variables for the case of Greece for the time period 1960–2005. Our empirical results reveal that the linkage between financial and real development is relatively weak in Greece and real sector plays the major role in the evolution of the financial system. The latter seems to promote growth only by increasing its competitiveness.

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Bibliographic Info

Article provided by Spiru Haret University, Faculty of Financial Management and Accounting Craiova in its journal Journal of Applied Economic Sciences.

Volume (Year): 5 (2010)
Issue (Month): 3(13)/Fall 2010 ()
Pages: 231-246

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Handle: RePEc:ush:jaessh:v:5:y:2010:i:3(13)_fall2010:p:113

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Web page: http://www2.spiruharet.ro/facultati/facultate.php?id=14
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Related research

Keywords: financial sector; real sector; Greek banks;

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  1. van Wijnbergen, Sweder, 1983. "Credit policy, inflation and growth in a financially repressed economy," Journal of Development Economics, Elsevier, vol. 13(1-2), pages 45-65.
  2. Levine, Ross & Loayza, Norman & Beck, Thorsten, 2000. "Financial intermediation and growth: Causality and causes," Journal of Monetary Economics, Elsevier, vol. 46(1), pages 31-77, August.
  3. James G. MacKinnon, 1995. "Numerical Distribution Functions for Unit Root and Cointegration Tests," Working Papers 918, Queen's University, Department of Economics.
  4. John Thornton, 1996. "Financial deepening and economic growth in developing economics," Applied Economics Letters, Taylor & Francis Journals, vol. 3(4), pages 243-246.
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  6. Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June.
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  8. King, Robert G. & Levine, Ross, 1993. "Finance, entrepreneurship and growth: Theory and evidence," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 513-542, December.
  9. Demetriades, Panicos O. & Hussein, Khaled A., 1996. "Does financial development cause economic growth? Time-series evidence from 16 countries," Journal of Development Economics, Elsevier, vol. 51(2), pages 387-411, December.
  10. Laura Stefanescu & Madalina Constantinescu & Andy Stefanescu & Pompiliu Constantinescu, 2007. "Rethinking The Business Process Through Reengineering," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 2(1(2)_Fall).
  11. Buffie, Edward F., 1984. "Financial repression, the new structuralists, and stabilization policy in semi-industrialized economies," Journal of Development Economics, Elsevier, vol. 14(3), pages 305-322, April.
  12. Roger Atindehou & Jean Pierre Gueyie & Edoh Kossi Amenounve, 2005. "Financial intermediation and economic growth: evidence from Western Africa," Applied Financial Economics, Taylor & Francis Journals, vol. 15(11), pages 777-790.
  13. Albulescu Claudiu Tiberiu, 2007. "The Impact of the New Financial Products on the Volatility of the Economic Growth," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 2(1(2)_Fall).
  14. Fry, Maxwell J, 1978. "Money and Capital or Financial Deepening in Economic Development?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 10(4), pages 464-75, November.
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