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An empirical analysis on the impact of the development of the financial system upon the economic growth. The case of Romania and of the other states members of the European Union

Author

Listed:
  • Corduneanu, Carmen
  • Milos, Laura Raisa

Abstract

This paper outlines the existing connection between the development of the financial system and the economic growth of an economy. Along the time, many authors have tried to bring empirical prove that this connection exists on the long term, and it is very strong especially for the developing countries being explained through the channel of investment and productivity. Beside giving the theoretical arguments for this connection, the authors make an empirical analysis using pool data regressions, taking into consideration the old member states and the new member states of the European Union, with a special focus on the Romanian case.

Suggested Citation

  • Corduneanu, Carmen & Milos, Laura Raisa, 2009. "An empirical analysis on the impact of the development of the financial system upon the economic growth. The case of Romania and of the other states members of the European Union," MPRA Paper 19877, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:19877
    as

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    References listed on IDEAS

    as
    1. Valerie R. Bencivenga & Bruce D. Smith, 1991. "Financial Intermediation and Endogenous Growth," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(2), pages 195-209.
    2. Demirguc-Kunt, Asli, 2006. "Finance and economic development : policy choices for developing countries," Policy Research Working Paper Series 3955, The World Bank.
    3. Levine, Ross, 1991. "Stock Markets, Growth, and Tax Policy," Journal of Finance, American Finance Association, vol. 46(4), pages 1445-1465, September.
    Full references (including those not matched with items on IDEAS)

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    Keywords

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    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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