The linkage between financial liberalization and economic development: empirical evidence from Poland
This paper uses time series empirical data on six key indicators of financial liberalization in Poland to explore the linkage between financial liberalization and economic growth. We begin with a survey of the financial liberalization process and then use monthly empirical data covering the period 1990-2002 to examine the linkages between financial liberalization and economic development. The results of our study indicate that not only is there evidence of a long run positive linkage between financial liberalization and economic growth but also that there is strong evidence to indicate that the direction of causation runs from the former to the latter and not vice-versa. Evidence from all six of the financial indicators (Turnover, Capitalization, narrow money M0, broad money M2, Depth and Share Prices) indicates that they raise industrial production while the latter causes financial development in only two of the cases.
(This abstract was borrowed from another version of this item.)
|Date of creation:||2003|
|Date of revision:|
|Contact details of provider:|| Postal: Department of Economics, Social Sciences Building, City University London, Whiskin Street, London, EC1R 0JD, United Kingdom,|
Phone: +44 (0)20 7040 8500
Web page: http://www.city.ac.uk
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Dimitrios Asteriou & Simon Price, 2000. "Financial Development and Economic Growth: Time Series Evidence for the case of UK," Ekonomia, Cyprus Economic Society and University of Cyprus, vol. 4(2), pages 122-141, Winter.
- Granger, C. W. J., 1988. "Some recent development in a concept of causality," Journal of Econometrics, Elsevier, vol. 39(1-2), pages 199-211.
When requesting a correction, please mention this item's handle: RePEc:cty:dpaper:03/03. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Research Publications Librarian)
If references are entirely missing, you can add them using this form.