The Relationship Between Financial Development and Economic Growth: An Analysis on Troubled Ten Countries 1990 -2014

Sümeyra Gazel ()
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Sümeyra Gazel: Bozok University

Business and Economics Research Journal, 2016, vol. 7, issue 3, 39-52

Abstract: This study aims to investigate relationship between financial developments and economic growth for troubled ten countries (Brazil, Colombia, Chile, South Africa, South Korea , Peru, Russia, Thailand, Singapore and Taiwan). In this context, troubled ten countries have been examined with dynamic fixed effects estimator and Common Correlated Effects Mean Group for the years 1990-2014. Gross Domestic Product per Capita was used as a proxy for economic growth in the study. On the other hand, Broad Money, Gross Capital Formation and Domestic Credit to Private Sector (% of GDP) are used as proxies for financial development. The results point to different for the long and short term. The results demonstrate that there isn’t a relationship between financial development and economic growth in the context of analyzed long-term. However, it is possible to say that there is a weak positive relationship between financial development and economic growth in short term.

Keywords: Financial Development; Economic Growth; Troubled Ten Countries; Panel Data Analysis (search for similar items in EconPapers)
JEL-codes: C33 E44 O11 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:ris:buecrj:0234

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