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An empirical analysis on the impact of the development of the financial system upon the economic growth. The case of Romania and of the other states members of the European Union

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  • Corduneanu, Carmen
  • Milos, Laura Raisa

Abstract

This paper outlines the existing connection between the development of the financial system and the economic growth of an economy. Along the time, many authors have tried to bring empirical prove that this connection exists on the long term, and it is very strong especially for the developing countries being explained through the channel of investment and productivity. Beside giving the theoretical arguments for this connection, the authors make an empirical analysis using pool data regressions, taking into consideration the old member states and the new member states of the European Union, with a special focus on the Romanian case.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 19877.

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Date of creation: May 2009
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Handle: RePEc:pra:mprapa:19877

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Keywords: G10; G20;

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  1. Bencivenga, V.R. & Smith, B.D., 1988. "Financial Intermediation And Endogenous Growth," RCER Working Papers 124, University of Rochester - Center for Economic Research (RCER).
  2. Demirguc-Kunt, Asli, 2006. "Finance and economic development : policy choices for developing countries," Policy Research Working Paper Series 3955, The World Bank.
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