Innovation, financial development and economic growth in Eurozone countries
Rudra P. Pradhan,
Mak Arvin (),
John H. Hall and
Applied Economics Letters, 2016, vol. 23, issue 16, 1141-1144
Using a panel vector auto-regressive model, we study interactions between innovation, financial development and economic growth in 18 Eurozone countries between 1961 and 2013. We focus on whether causality runs between these variables both ways, one way, the other way or not at all. Our empirical results show that development of the financial sector and enhanced innovative capacity in the Eurozone contributes to long-term economic growth in the countries in the region.
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