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The effect of the banking systems of the Arctic Council countries on their economic development

Author

Listed:
  • G. Romashkina

    (The Tyumen State University)

  • E. Romashkina

    (Research Laboratory “System Dynamics”)

Abstract

The paper studied the empirical link between a range of indicators of banking system development and economic growth of the countries of the Arctic Council. The countries which had the Arctic territory were taken as a range: Russia, Canada, Norway, USA, Denmark, Finland, Sweden, Iceland. The analysis was based on the model of the relationship between financial and economic growth of Robert King and Ross Levine. However, the authors modified the model, not examining the entire financial system, but banking one. The indicators defining banking system and economic development were chosen and analyzed in averaged values covering 1950–2015 years. The averaged banking system and economic development indicators of the countries of the Arctic Council showed similar relative values of some indicators and fell into the group according to the value of indicators and dynamics. Such statistical methods of data analysis as analysis of variance, regression analysis were used.

Suggested Citation

  • G. Romashkina & E. Romashkina, 2020. "The effect of the banking systems of the Arctic Council countries on their economic development," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 11(1), pages 76-83, May.
    • Handle: RePEc:spr:ijsaem:v:11:y:2020:i:1:d:10.1007_s13198-019-00831-8
    DOI: 10.1007/s13198-019-00831-8
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    References listed on IDEAS

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    1. G. F. Romashkina & N. I. Didenko & D. F. Skripnuk, 2017. "Socioeconomic modernization of Russia and its Arctic regions," Studies on Russian Economic Development, Springer, vol. 28(1), pages 22-30, January.
    2. Ross Levine & Norman Loayza & Thorsten Beck, 2002. "Financial Intermediation and Growth: Causality and Causes," Central Banking, Analysis, and Economic Policies Book Series, in: Leonardo Hernández & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Se (ed.),Banking, Financial Integration, and International Crises, edition 1, volume 3, chapter 2, pages 031-084, Central Bank of Chile.
    3. Vladimir Leksin & Boris Porfiryev, 2017. "Socio-Economic Priorities for the Sustainable Development of Russian Arctic Macro-Region," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(4), pages 985-1004.
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