FINANCIAL DEVELOPMENT-ECONOMIC GROWTH NEXUS: A PANEL DATA ANALYSIS UPON OECD COUNTRIES
Özet
In this paper, the link between financial development and economic growth in OECD member countries is investigated using unbalanced panel cointegration and causality analysis for the period 1980-2011. The results of the Pedroni and Kao Cointegration Analysis show the existence of long-run relationship between financial development and economic growth. The result of Granger Causality Analysis indicates that there is a unidirectional causality relationship running from economic growth to the three proxy variables for financial development while a bidirectional relationship between broad measure of money and economic growth is observed. Therefore, it can be said that the demand-following phenomenon is dominant.
Anahtar kelimeler
Sürdürülebilir Kalkınma Amaçları
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SKA 8: İnsana Yakışır İş ve Ekonomik Büyüme
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SKA 17: Amaçlar için Ortaklıklar
Atıf için künye
AKINCI, G. Y., AKINCI, M., & Yılmaz, Ö. (2014). FINANCIAL DEVELOPMENT-ECONOMIC GROWTH NEXUS: A PANEL DATA ANALYSIS UPON OECD COUNTRIES. HITOTSUBASHI JOURNAL OF ECONOMICS, 55(1), 33–50.
BibTeX
@article{akinci2014-101683,
author = {AKINCI, GÖNÜL YÜCE and AKINCI, MERTER and Yılmaz, Ömer},
title = {FINANCIAL DEVELOPMENT-ECONOMIC GROWTH NEXUS: A PANEL DATA ANALYSIS UPON OECD COUNTRIES},
journal = {HITOTSUBASHI JOURNAL OF ECONOMICS},
year = {2014},
volume = {55},
number = {1},
pages = {33--50},
issn = {0018-280X},
url = {https://akademik.atauni.edu.tr/yayinlar/101683-financial-development-economic-growth-nexus-a-panel-data-analysis-upon-oecd}
}