Financial Development And Economic Growth In Saudi Arabian Economy
This study investigates the relationship between financial development and economic growth for Saudi Arabia for the period 1989-2008 by using fully modified ordinary least squares (FMOLS) approach. Financial market development has been represented by the effect of credit market development (bank credits to the private sector) and stock market development (The general stock market index). The results indicate that the domestic bank credit to the private sector has significant and positive effect on economic growth in the long run, but insignificant and negative effect in the short run. On the other hand, stock market index has expected positive but insignificant effect in the long run but unexpected and insignificant effect in the short run. Finally, the growth of industrial production has expected positive and significant effect on economic growth either in the short or long run.
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Volume (Year): 13 (2013)
Issue (Month): 1 ()
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