Financial development and growth in economies in transition
The hypothesis that financial development promotes economic growth is largely supported by empirical studies. This hypothesis is tested for 13 Central and East European Countries (CEECs) during transition using panel data. Results show that financial development, as measured by liquid liabilities as a proportion of gross domestic product, has an insignificant effect on economic growth: economic growth in CEECs is not constrained by underdeveloped financial sectors.
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Volume (Year): 10 (2003)
Issue (Month): 13 ()
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References listed on IDEAS
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- Bhatt, V. V., 1989. "Financial innovation and credit market development," Policy Research Working Paper Series 52, The World Bank.
- Robert G. King & Ross Levine, 1993.
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- Rati Ram, 1999. "Financial development and economic growth: Additional evidence," Journal of Development Studies, Taylor & Francis Journals, vol. 35(4), pages 164-174.
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