231 Financial And Real Sector Interactions: The Case Of Greece
In this study we try to detect the relationship between financial and real sector employing in the estimation procedure the recent timeâ€“series techniques of coâ€“integration, vector errorâ€“correction modelling and Granger multivariate causality. We contribute to the existing literature by using for the first time a number of financial and economic variables for the case of Greece for the time period 1960â€“2005. Our empirical results reveal that the linkage between financial and real development is relatively weak in Greece and real sector plays the major role in the evolution of the financial system. The latter seems to promote growth only by increasing its competitiveness.
Volume (Year): 5 (2010)
Issue (Month): 3(13)/Fall 2010 ()
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