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The Impact of European Monetary Union on Finance-Growth Nexus

  • Saeed Armin

    ()

  • Saifuzzaman Ibrahim

    ()

  • W. Azman-Saini

    ()

This study examines the relationship between financial development and economic growth in 15 developed European countries before and after the formation of the euro. The results of the panel data analysis show that financial development is significant in promoting economic growth for both periods. The impact of the banking sector development on growth, however, is greater in the post-euro period, whereas the impact of stock market development on growth is reducing in the period investigated. The study concludes that the formation of European Monetary Union does not weaken the relationship between financial development and economic growth in developed European countries. Copyright Springer-Verlag Wien 2013

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File URL: http://hdl.handle.net/10.1007/s11300-012-0249-z
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Article provided by Springer in its journal Transition Studies Review.

Volume (Year): 19 (2013)
Issue (Month): 3 (February)
Pages: 347-356

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Handle: RePEc:spr:trstrv:v:19:y:2013:i:3:p:347-356
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  1. Panicos O. Demetriades & Khaled A.Hussein, 1995. "Does Financial Development Cause Economic Growth? Time-Series Evidence from 16 Countries," Keele Department of Economics Discussion Papers (1995-2001) 95/13, Department of Economics, Keele University.
  2. Tullio Jappelli & Marco Pagano, 2008. "Financial Market Integration Under EMU," CSEF Working Papers 197, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  3. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
  4. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
  5. Elias Papaioannou & Richard Portes, 2008. "Costs and benefits of running an international currency," European Economy - Economic Papers 348, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
  6. Zhang, Jin & Wang, Lanfang & Wang, Susheng, 2012. "Financial development and economic growth: Recent evidence from China," Journal of Comparative Economics, Elsevier, vol. 40(3), pages 393-412.
  7. Hein, Eckhard & Truger, Achim, 2005. "European Monetary Union: nominal convergence, real divergence and slow growth?," Structural Change and Economic Dynamics, Elsevier, vol. 16(1), pages 7-33, March.
  8. Thorsten Beck & Ross Levine, 2002. "Stock Markets, Banks, and Growth: Panel Evidence," NBER Working Papers 9082, National Bureau of Economic Research, Inc.
  9. Ray Barrell & Simon Kirby & Iana Liadze, 2008. "The Oil Intensity of Output," National Institute Economic Review, National Institute of Economic and Social Research, vol. 205(1), pages 34-38, July.
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