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Financial Deepening and Economic Growth in Developing Countries

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Abstract

This note presents results from Granger-causality tests on 22 Asian, Latin American and Caribbean developing economies in an attempt to distinguish between competing hypotheses regarding the role of financial deepening in economic growth. The results suggest that in many cases financial deepening does not make much difference to economic growth: for eight countries no lead-lag relationship was detected and in six more economic growth led financial deepening. However, to the extent that financial deepening does make a difference, it is more likely to promote economic growth than to retard it.

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  • Thornton, John, 1995. "Financial Deepening and Economic Growth in Developing Countries," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 48(3), pages 423-430.
    • Handle: RePEc:ris:ecoint:0397
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    Cited by:

    1. Ensar Yilmaz & Ozgur Kayalica, 2003. "Finance and Growth in Turkey: Casuality Issue," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 6(24), pages 33-48.
    2. Doojav, Gan-Ochir & Damdinsuren, Batnyam & Baasansuren, Lkhagvajav, 2007. "Monetary policy and bond market development: A case of Mongolia," MPRA Paper 72193, University Library of Munich, Germany, revised May 2007.
    3. Adesanya, Babatunde Moses & Adediji, Adebisi Moses & Okenna, Nwabueze Prince, 2020. "Stock exchange market activities and Economic Development: Evidence from the Nigerian economy," MPRA Paper 106973, University Library of Munich, Germany.
    4. Atilla Odabasi, 2003. "An Investigation of Beta Instability in the Istanbul Stock Exchange," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 6(24), pages 15-32.
    5. Prof. Dr. Hatice Dogukanli & Songül Kakilli Acaravci & Serkan Yilmaz Kandir, 2003. "Examining Systematic and Nonsystematic Risks of the ISE Financial Sector Companies," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 6(24), pages 1-14.
    6. Randall K. Filer & Jan Hanousek & Nauro F. Campos, 1999. "Do Stock Markets Promote Economic Growth," William Davidson Institute Working Papers Series 267, William Davidson Institute at the University of Michigan.
    7. Folorunsho M. Ajide, 2016. "Financial Innovation and Sustainable Development in Selected Countries in West Africa," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 12(3), pages 85-111.
    8. Abu Nurudeen, 2009. "Does Stock Market Development Raise Economic Growth? Evidence from Nigeria," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 1(1), pages 015-026, December.

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