Financial development and economic growth: evidence from ten new EU members

Arbeitspapier

This paper reviews the main features of the banking and financial sector in ten new EU members, and then examines the relationship between financial development and economic growth in these countries by estimating a dynamic panel model over the period 1994-2007. The evidence suggests that the stock and credit markets are still underdeveloped in these economies, and that their contribution to economic growth is limited owing to a lack of financial depth. By contrast, a more efficient banking sector is found to have accelerated growth. Furthermore, Granger causality test indicate that causality runs from financial development to economic growth, but not in the opposite direction.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: DIW Discussion Papers ; No. 940

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Financial Markets and the Macroeconomy ; Central Banks and Their Policies ; Financial Aspects of Economic Integration ; Socialist Systems and Transitional Economies: Political Economy; Property Rights
• Thema: Financial development ; economic growth ; causality tests ; transition economies ; Finanzsektor ; Entwicklung ; Wirtschaftswachstum ; Kausalanalyse ; EU-Staaten (Osteuropa)

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Caporale, Guglielmo Maria ; Rault, Christophe ; Sova, Robert ; Sova, Anamaria
• Ereignis: Veröffentlichung
• (wer): Deutsches Institut für Wirtschaftsforschung (DIW)
• (wo): Berlin
• (wann): 2009

Weitere Informationen

• Handle: http://hdl.handle.net/10419/29733
• Letzte Aktualisierung: 20.09.2024, 08:21 MESZ