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Does Global Development, Trade, and Finance Impact Economic Growth? Evidence from Developed Nations

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  • Ömer YILMAZ

Abstract

This study aims to investigate the effects of commercial, global, and financial developments, which stand out as the main components of economic growth, on economic growth dynamics in developed countries. In this context, the annual data of France, Germany, Japan, the United States, and the United Kingdom, which represent the top five countries of the world economy between 1980 and 2024, are used. In the study, the effects of financial, commercial, and global developments on economic growth are analyzed with the Augmented Mean Group (AMG) method. According to the findings, global, commercial, and financial developments have a positive and statistically significant effect on economic growth. This result indicates that the independent variables considered in this study play a critical role in economic growth and macroeconomic stability. Finally, it is concluded that developed countries need to focus more on global, commercial, and financial developments in order to achieve sustainable economic growth in the long run. These findings have important implications for policymakers.

Suggested Citation

  • Ömer YILMAZ, 2025. "Does Global Development, Trade, and Finance Impact Economic Growth? Evidence from Developed Nations," Fiscaoeconomia, Tubitak Ulakbim JournalPark (Dergipark), issue 4.
    • Handle: RePEc:fis:journl:250414
    DOI: 10.25295/fsecon.1719526
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    Keywords

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    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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