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Financial development and economic growth in Greece: an empirical investigation with Granger causality analysis

Author

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  • Nikolaos Dritsakis
  • Antonios Adamopoulos

Abstract

This paper empirically examines the causal relationship between the degree of openness of the economy, financial development and economic growth by using a multivariate autoregressive VAR model in Greece for the examined period 1960:I-2000:IV. The results of cointegration analysis suggest that there is one cointegrated vector among GDP, financial development and the degree of openness of the economy. Granger causality tests based on error correction models show that there is a causal relationship between financial development and economic growth, but also between the degree of openness of the economy and economic growth.

Suggested Citation

  • Nikolaos Dritsakis & Antonios Adamopoulos, 2001. "Financial development and economic growth in Greece: an empirical investigation with Granger causality analysis," International Economic Journal, Taylor & Francis Journals, vol. 18(4), pages 547-559.
    • Handle: RePEc:taf:intecj:v:18:y:2001:i:4:p:547-559
    DOI: 10.1080/1016873042000299981
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    Cited by:

    1. Emilda Hashim* & Norimah Rambeli@ Ramli & Nurhanani Romli & Norasibah Abdul Jalil & Syazwani Mohd Bakri & Ng Woan Ron, 2018. "Determinants of Real GDP in Malaysia," The Journal of Social Sciences Research, Academic Research Publishing Group, pages 97-103:3.

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