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Title: Financial development and economic growth: evidence from ten new European Union members
Authors: Caporale, GM
Rault, C
Sova, A
Sova, R
Keywords: Financial development;Economic growth;Causality tests;Transition economies
Issue Date: 2015
Publisher: Wiley
Citation: International Journal of Finance and Economics, 20(1): 48 - 60, ( January 2015)
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.
ISSN: 1076-9307
Appears in Collections:Dept of Economics and Finance Research Papers

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