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Financial Liberalisation and Economic Growth: A Panel Data Approach

  • Bulent Guloglu
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    The purpose of this paper1 is to examine the effects of financial development on economic growth before and after the implementation of financial reforms. Using panel data averaged on five years we have carried out an empirical study including initially 43 countries covering five years intervals period from 1970 to 1994. However, the estimations concerning this period have given contradictory results and turned out to be insufficient to explain the influence of financial development on economic growth. We think that these unexpected findings may be results of the mixing of the countries, which have repressed their financial sectors with those, which have implemented financial reforms over two decades. Therefore, we have analysed the influence of financial development on economic growth before and after the implementation of financial reforms. The results show that, financial reforms could have positive effect on financial development in some cases and hence accelerate the economic growth.

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    File URL: http://www.borsaistanbul.com/datum/imkbdergi/EN/ISE_Review_27.pdf
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    Article provided by Research and Business Development Department, Borsa Istanbul in its journal Istanbul Stock Exchange Review.

    Volume (Year): 7 (2003)
    Issue (Month): 27 ()
    Pages: 35-58

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    Handle: RePEc:bor:iserev:v:7:y:2003:i:27:p:35-58
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    1. Robert J. Barro, 1989. "Economic Growth in a Cross Section of Countries," NBER Working Papers 3120, National Bureau of Economic Research, Inc.
    2. Greenwood, Jeremy & Jovanovic, Boyan, 1988. "Financial Development, Growth, And The Distribution Of Income," Working Papers 88-12, C.V. Starr Center for Applied Economics, New York University.
    3. Kapur, Basant K, 1976. "Alternative Stabilization Policies for Less-developed Economies," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages 777-95, August.
    4. Malcolm Knight & Norman Loayza & Delano Villanueva, 1993. "Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach," IMF Staff Papers, Palgrave Macmillan, vol. 40(3), pages 512-541, September.
    5. Aryeetey, Ernest, et al, 1997. "Financial Market Fragmentation and Reforms in Ghana, Malawi, Nigeria, and Tanzania," World Bank Economic Review, World Bank Group, vol. 11(2), pages 195-218, May.
    6. Burkhard Drees & Ceyla Pazarbasioglu, 1998. "The Nordic Banking Crisis; Pitfalls in Financial Liberalization," IMF Occasional Papers 161, International Monetary Fund.
    7. King, Robert G & Levine, Ross, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 717-37, August.
    8. Donald J. Mathieson, 1979. "Financial Reform and Capital Flows in a Developing Economy (Réforme financière et flux de capitaux dans une économie en développement) (La reforma financiera y los flujos de capital en una economÃ," IMF Staff Papers, Palgrave Macmillan, vol. 26(3), pages 450-489, September.
    9. Islam, Nazrul, 1995. "Growth Empirics: A Panel Data Approach," The Quarterly Journal of Economics, MIT Press, vol. 110(4), pages 1127-70, November.
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