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Efficiency Of The Financial Intermediaries And Economic Growth In Ceec

  • Andrus Oks
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    This paper presents an analytical discussion and empirical evidence of the relationship between financial sector development and economic growth among Central and Eastern European countries. Theoretical views allow for the complex relationship between the financial sector development and economic growth. Empirical evidence is presented that depending on the time period and sub-sample the correlation of the financial development with economic growth can be negative or positive. Using monthly data the causality (in Granger sense) of this process is addressed - the causality can run one way or the other, depending on the particular country.

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    File URL: http://www.mtk.ut.ee/sites/default/files/mtk/RePEc/mtk/febpdf/febawb8.pdf
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    Paper provided by Faculty of Economics and Business Administration, University of Tartu (Estonia) in its series University of Tartu - Faculty of Economics and Business Administration Working Paper Series with number 8.

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    Length: 33 pages
    Date of creation: 2001
    Date of revision:
    Handle: RePEc:mtk:febawb:08
    Contact details of provider: Postal: Narva mnt 4, 51009 Tartu
    Phone: (+372 7) 376 310
    Fax: (+372 7) 376 312
    Web page: http://www.mtk.ut.ee
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    1. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
    2. Bayoumi, Tamim, 1993. "Financial Deregulation and Household Saving," Economic Journal, Royal Economic Society, vol. 103(421), pages 1432-43, November.
    3. Barham, V. & Boadway, R. & Marchand, M. & Pestieau, P., . "Education and the poverty trap," CORE Discussion Papers RP -1173, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    4. Pablo Emilio Guidotti & Jose De Gregorio, 1992. "Financial Development and Economic Growth," IMF Working Papers 92/101, International Monetary Fund.
    5. Liu, Liang-Yn & Woo, Wing Thye, 1994. "Saving Behaviour under Imperfect Financial Markets and the Current Account Consequences," Economic Journal, Royal Economic Society, vol. 104(424), pages 512-27, May.
    6. Robert J. Barro, 1989. "Economic Growth in a Cross Section of Countries," NBER Working Papers 3120, National Bureau of Economic Research, Inc.
    7. Adalbert Winkler, 1998. "Financial Development, Economic Growth and Corporate Governance," Working Paper Series: Finance and Accounting 12, Department of Finance, Goethe University Frankfurt am Main.
    8. Cartiglia, Filippo, 1997. "Credit constraints and human capital accumulation in the open economy," Journal of International Economics, Elsevier, vol. 43(1-2), pages 221-236, August.
    9. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
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