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   

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.