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Financial Development and Economic Growth: Evidence from 10 New European Union Members

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  • Guglielmo Maria Caporale
  • Christophe Rault
  • Anamaria Diana Sova
  • Robert Sova

Abstract

This paper reviews the main features of the banking and financial sector in 10 new European Union members, and then examines the relationship between financial development and economic growth in these countries by estimating a dynamic panel model over the period 1994–2007. The evidence suggests that the stock and credit markets are still underdeveloped in these economies and that their contribution to economic growth is limited owing to a lack of financial depth. By contrast, a more efficient banking sector is found to have accelerated growth. Copyright © 2014 John Wiley & Sons, Ltd.

Suggested Citation

  • Guglielmo Maria Caporale & Christophe Rault & Anamaria Diana Sova & Robert Sova, 2015. "Financial Development and Economic Growth: Evidence from 10 New European Union Members," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 20(1), pages 48-60, January.
    • Handle: RePEc:wly:ijfiec:v:20:y:2015:i:1:p:48-60
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