THE SHORT RUN AND LONG RUN CAUSALITY BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH IN THE MIDDLE EAST

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ESLAMLOUEYAN KARIM; SAKHAEI EMAD ALDEEN

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

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Paper Information

Journal: Iranian Journal of Economic Research Year:2011 | Volume:16 | Issue:46 Page(s): 61-76

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Information Journal Paper

Title

THE SHORT RUN AND LONG RUN CAUSALITY BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH IN THE MIDDLE EAST

Author(s)

ESLAMLOUEYAN KARIM | SAKHAEI EMAD ALDEEN | Issue Writer Certificate

Keywords

FINANCIAL DEVELOPMENTQ2

GROWTHQ2

CAUSALITYQ2

MIDDLE EASTQ2

PANEL COINTEGRATIONQ2

Abstract

Using panel data error correction models, we investigate the short- and long-run CAUSALITY between FINANCIAL DEVELOPMENT and economic GROWTH in the MIDDLE EAST. Three different indicators are used to measure FINANCIAL DEVELOPMENTs. Generalized Least Square (GLS) method with cross-section Seemingly Unrelated Regression (SUR) and fixed effects in cross dimension is used to estimate the models. Our estimation results suggest that there is bidirectional CAUSALITY between FINANCIAL DEVELOPMENT and economic GROWTH in both the short- and long run. The result underscores the feedback between finance and GROWTH and hence advocates the third view that emphasizes on mutual CAUSALITY between FINANCIAL DEVELOPMENT and economic GROWTH. In other words, finance can promote GROWTH and in turn output GROWTH will enhance FINANCIAL DEVELOPMENT in the MIDDLE EAST. This result can have important policy implications for both policymakers and international institutions.

Cites

THE RELATIONSHIP BETWEEN ENERGY CONSUMPTION AND FINANCIAL DEVELOPMENT IN IRAN

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APA: Copy

ESLAMLOUEYAN, KARIM, & SAKHAEI, EMAD ALDEEN. (2011). THE SHORT RUN AND LONG RUN CAUSALITY BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH IN THE MIDDLE EAST. IRANIAN ECONOMIC RESEARCH, 16(46), 61-76. SID. https://sid.ir/paper/2788/en

Vancouver: Copy

ESLAMLOUEYAN KARIM, SAKHAEI EMAD ALDEEN. THE SHORT RUN AND LONG RUN CAUSALITY BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH IN THE MIDDLE EAST. IRANIAN ECONOMIC RESEARCH[Internet]. 2011;16(46):61-76. Available from: https://sid.ir/paper/2788/en

IEEE: Copy

KARIM ESLAMLOUEYAN, and EMAD ALDEEN SAKHAEI, “THE SHORT RUN AND LONG RUN CAUSALITY BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH IN THE MIDDLE EAST,” IRANIAN ECONOMIC RESEARCH, vol. 16, no. 46, pp. 61–76, 2011, [Online]. Available: https://sid.ir/paper/2788/en

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