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Financial development and economic growth in India: some evidence from non-linear causality analysis

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  • Md Nain
  • Bandi Kamaiah

Abstract

In the light of the recent observation that the relationship between financial development and economic growth is one of non-linear and limitations of granger test, this paper re-examined relationship in the framework of non-linear Granger causality employing (Diks and Panchenko in Stud Nonlinear Dyn Econ 9(2), 2006 ) test. The limitation of non-stationarity of earlier study is also addressed using the Toda and Yamamoto (J Econ 66:225–250, 1995 ) test. The present study attempts to undertake this exercise, as causal inference is sensitive to the twin limitations of non-stationarity and non-linearity. We used principal component analysis to construct index of financial development comprising alternative measures of financial development. The analysis has been carried out for the period 1990–2010. The results of Toda–Yamamoto and Diks–Panchenko tests reveal that financial development and economic growth bear no causal relationship, a finding contrary to the findings of several of the existing studies in the Grangerian framework. Copyright Springer Science+Business Media New York 2014

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  • Md Nain & Bandi Kamaiah, 2014. "Financial development and economic growth in India: some evidence from non-linear causality analysis," Economic Change and Restructuring, Springer, vol. 47(4), pages 299-319, November.
    • Handle: RePEc:kap:ecopln:v:47:y:2014:i:4:p:299-319
    DOI: 10.1007/s10644-014-9151-5
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    More about this item

    Keywords

    Financial development; Economic growth; Non-linear; Granger causality; India; E44; O16; O53;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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