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Finance and growth: Institutional Considerations and Causality

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Author Info
Philip Arestis
Panicos Demetriades (University of East London, Department of Economics, Keele University, Department of Economics)

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Abstract

This paper re-examines the question of causality between financial development and economic growth. We argue that recent results obtained from cross-section country studies are not able to address this issue satisfactorily. Drawing on the distinction between `bank- based' and `capital-market-based' financial systems and the literature on financial repression we also argue that country specific factors are likely to influence the causal nature of the relationship between financial development and economic growth; as a result this is expected to vary across countries. We conduct cointegration and causality tests using time series data for twelve representative countries which corroborate our analysis.

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Paper provided by University of East London, Department of Economics in its series Working Papers with number 9605.

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Handle: RePEc:wuk:elecwp:9605

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Related research
Keywords: Financial Development; Economic Growth;

Find related papers by JEL classification:
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment
O23 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

Cited by:
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  1. D. Saidane, 2005. "The role of Financial Liberalization in Development: Weaknesses and Corrections," Finance 0503003, EconWPA. [Downloadable!]
    Other versions:
  2. Law, Siong Hook & Azman-Saini, W.N.W., 2008. "The Quality of Institutions and Financial Development," MPRA Paper 12107, University Library of Munich, Germany. [Downloadable!]
  3. Ilmolelian, Peter, 2005. "The determinants of the Harare Stock Exchange (HSE) market capitalisation," MPRA Paper 1418, University Library of Munich, Germany. [Downloadable!]
  4. Stefania Villa, 2005. "Determinants of growth in Italy. A time series analysis," Quaderni DSEMS 24-2005, Dipartimento di Scienze Economiche, Matematiche e Statistiche, Universita' di Foggia. [Downloadable!]
  5. Florian Pelgrin & Sebastian Schich, 2002. "Panel Cointegration Analysis of the Finance-Investment Link in OECD Countries," Documents de Travail de l'OFCE 2002-02, Observatoire Francais des Conjonctures Economiques (OFCE). [Downloadable!]
  6. OZTURK, Ilhan, 2008. "Financial Development And Economic Growth: Evidence From Turkey," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 8(1), pages 85-98. [Downloadable!] (restricted)
  7. Sikandar Hussain & M. Shahid Ebrahim, 2005. "Financial Development and Property Valuation," Computing in Economics and Finance 2005 24, Society for Computational Economics. [Downloadable!]
  8. Peter Ilmolelian, 2005. "The Determinants of the Harare Stock Exchange (HSE) Market Capitalisation," Econometrics 0511016, EconWPA. [Downloadable!]
  9. Love, Inessa & Zicchino, Lea, 2002. "Financial development and dynamic investment behavior : evidence from panel vector autoregression," Policy Research Working Paper Series 2913, The World Bank. [Downloadable!]
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This page was last updated on 2009-12-2.

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