Assessing the role of financial deepening in business cycles: the experience of the United Arab Emirates

Ali Darrat, Salah Abosedra and Hassan Aly

Applied Financial Economics, 2005, vol. 15, issue 7, 447-453

Abstract: The relation between financial market development and the severity of business cycles in the economy of the United Arab Emirates is investigated. No evidence is found of a dampening effect from financial deepening on cyclical fluctuations in the short-run, but strong effects in the long-run. These results extend recent findings on the financial development/economic growth nexus and imply that growth volatility reductions expected from further financial developments are slow to materialize especially in countries with relatively large and well-functioning financial sectors.

Date: 2005
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DOI: 10.1080/09603100500039417

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