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Financial and real sector interactions:the case of Greece

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  • Halkos, George

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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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 24391.

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Date of creation: 2010
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Handle: RePEc:pra:mprapa:24391

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Keywords: Financial sector; real sector; Greek banks;

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  1. Buffie, Edward F., 1984. "Financial repression, the new structuralists, and stabilization policy in semi-industrialized economies," Journal of Development Economics, Elsevier, Elsevier, vol. 14(3), pages 305-322, April.
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  3. Tsangyao Chang, 2002. "Financial development and economic growth in Mainland China: a note on testing demand-following or supply-leading hypothesis," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 9(13), pages 869-873.
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  9. John Thornton, 1996. "Financial deepening and economic growth in developing economics," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 3(4), pages 243-246.
  10. Harb, Nasri & Al-Awad, Mouawiya, 2005. "Financial Development and Economic Growth in the Middle East," MPRA Paper 13605, University Library of Munich, Germany.
  11. van Wijnbergen, Sweder, 1983. "Credit policy, inflation and growth in a financially repressed economy," Journal of Development Economics, Elsevier, Elsevier, vol. 13(1-2), pages 45-65.
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