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The Relationship between Financial Development and Economic Growth Based on Dynamic Panel Data Approach in selected countries (1979-2003) | ||
| اقتصاد پولی مالی | ||
| مقاله 7، دوره 16، شماره 26، آبان 1388 اصل مقاله (309.08 K) | ||
| نوع مقاله: پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22067/pm.v16i26.1961 | ||
| نویسندگان | ||
| مهر ارا مهر ارا* ؛ طلاکش نایینی طلاکش نایینی | ||
| چکیده | ||
| This paper investigates empirically the relationship between development of the financial system and economic performance using a panel data set for 40 countries during the period 1979-2003 based on recent generalized-method-of moments technique developed for dynamic panels. The impact on GDP level and GDP growth of stock markets and banks is distinguished. Results show that the bank credits as a proxy for the banking system development have a positive and significant effect on the GDP level in the long-run, but there is no significant relationship among financial development proxies and GDP growth. | ||
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