Evidence on Relationship Between Economic Growth and Financial Development of Selected Northern Indian States: Using Panel VEC Approach

Shravani Sharma () and Supran Kumar Sharma
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Shravani Sharma: Shri Mata Vaishno Devi University
Supran Kumar Sharma: Shri Mata Vaishno Devi University

Journal of Quantitative Economics, 2019, vol. 17, issue 4, No 9, 869-884

Abstract: Abstract The financial sector components fundamentally include financial institutions, financial markets and other related instruments. The composition, level of superiority and relative importance of financial development differs considerably across different economies around the world and it also varies across regions within an economy. For a diverse country like India where differences in the policies of state affect the cross-state pattern of growth it becomes necessary to identify the association, if present between financial development and economic growth at the region level. Moreover, there is absence of quality research at the regional level and more specifically till date no comprehensive study has been carried out focusing on the North Indian region. Thus, the present endeavour is a first step forward towards identifying the aforesaid relationship by focusing on the selected northern states of India.

Keywords: Financial development; Causality; Panel unit root; Panel cointegration; Economic growth (search for similar items in EconPapers)
JEL-codes: C23 G21 O40 (search for similar items in EconPapers)
Date: 2019
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DOI: 10.1007/s40953-019-00156-0

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