INVESTIGATION OF THE EFFECTS OF FINANCIAL DEVELOPMENT ON ECONOMIC GROWTH IN D8 COUNTRIES GROUP: A BOOTSTRAP PANEL GRANGER CAUSALITY ANALYSIS

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MONSEF ABDOLALI; TORKI LEILA; ALAVI SEYED JABER

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Journal: JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH Year:2013 | Volume:3 | Issue:10 Page(s): 73-92

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Title

INVESTIGATION OF THE EFFECTS OF FINANCIAL DEVELOPMENT ON ECONOMIC GROWTH IN D8 COUNTRIES GROUP: A BOOTSTRAP PANEL GRANGER CAUSALITY ANALYSIS

Author(s)

MONSEF ABDOLALI | TORKI LEILA | ALAVI SEYED JABER | Issue Writer Certificate

Keywords

PANEL CAUSALITYQ2

FINANCIAL DEVELOPMENTQ2

ECONOMIC GROWTHQ2

BOOTSTRAPQ2

SEEMINGLY UNRELATED REGRESSIONS (SUR)Q2

Abstract

There are different perspectives about the relationship between FINANCIAL DEVELOPMENT and ECONOMIC GROWTH. The question has raised among economists is that whether the ECONOMIC GROWTH is affected by FINANCIAL DEVELOPMENT or ECONOMIC GROWTH causes FINANCIAL DEVELOPMENT? This study investigates the direction of causality between financial markets indicators and ECONOMIC GROWTH in the D8 countries group during 1990-2010. For this, the PANEL CAUSALITY testing approach, the method developed by Konya (2006) based on the seemingly unrelated regressions (SUR) and Wald tests with the country specific BOOTSTRAP critical values, is applied. The results indicate that the direction of causality between FINANCIAL DEVELOPMENT and ECONOMIC GROWTH not only is different in countries also, it is different for the each indicator of FINANCIAL DEVELOPMENT. Empirical results show that within the FINANCIAL DEVELOPMENT indicators, The domestic credit provided by the banking sector in all of selected countries except Pakistan, has affected the ECONOMIC GROWTH. This indicates a higher degree of dependence of these countries upon the banking sector. Furthermore, within the money market indicators, the domestic credit to private sector indicator has the greatest influence from ECONOMIC GROWTH.

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APA: Copy

MONSEF, ABDOLALI, TORKI, LEILA, & ALAVI, SEYED JABER. (2013). INVESTIGATION OF THE EFFECTS OF FINANCIAL DEVELOPMENT ON ECONOMIC GROWTH IN D8 COUNTRIES GROUP: A BOOTSTRAP PANEL GRANGER CAUSALITY ANALYSIS. JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH, 3(10), 73-92. SID. https://sid.ir/paper/192222/en

Vancouver: Copy

MONSEF ABDOLALI, TORKI LEILA, ALAVI SEYED JABER. INVESTIGATION OF THE EFFECTS OF FINANCIAL DEVELOPMENT ON ECONOMIC GROWTH IN D8 COUNTRIES GROUP: A BOOTSTRAP PANEL GRANGER CAUSALITY ANALYSIS. JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH[Internet]. 2013;3(10):73-92. Available from: https://sid.ir/paper/192222/en

IEEE: Copy

ABDOLALI MONSEF, LEILA TORKI, and SEYED JABER ALAVI, “INVESTIGATION OF THE EFFECTS OF FINANCIAL DEVELOPMENT ON ECONOMIC GROWTH IN D8 COUNTRIES GROUP: A BOOTSTRAP PANEL GRANGER CAUSALITY ANALYSIS,” JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH, vol. 3, no. 10, pp. 73–92, 2013, [Online]. Available: https://sid.ir/paper/192222/en

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