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The Relationship Between Financial Development and Economic Growth: An Analysis on Troubled Ten Countries 1990 -2014

Author

Listed:
  • Gazel, Sümeyra

    (Bozok University)

Abstract

This study aims to investigate relationship between financial developments and economic growth for troubled ten countries (Brazil, Colombia, Chile, South Africa, South Korea , Peru, Russia, Thailand, Singapore and Taiwan). In this context, troubled ten countries have been examined with dynamic fixed effects estimator and Common Correlated Effects Mean Group for the years 1990-2014. Gross Domestic Product per Capita was used as a proxy for economic growth in the study. On the other hand, Broad Money, Gross Capital Formation and Domestic Credit to Private Sector (% of GDP) are used as proxies for financial development. The results point to different for the long and short term. The results demonstrate that there isn’t a relationship between financial development and economic growth in the context of analyzed long-term. However, it is possible to say that there is a weak positive relationship between financial development and economic growth in short term.

Suggested Citation

  • Gazel, Sümeyra, 2016. "The Relationship Between Financial Development and Economic Growth: An Analysis on Troubled Ten Countries 1990 -2014," Business and Economics Research Journal, Uludag University, Faculty of Economics and Administrative Sciences, vol. 7(3), pages 39-52, July.
    • Handle: RePEc:ris:buecrj:0234
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    More about this item

    Keywords

    Financial Development; Economic Growth; Troubled Ten Countries; Panel Data Analysis;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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