Financial development and economic growth in Greece: an empirical investigation with Granger causality analysis

Nikolaos Dritsakis and Antonios Adamopoulos

International Economic Journal, 2001, vol. 18, issue 4, 547-559

Abstract: This paper empirically examines the causal relationship between the degree of openness of the economy, financial development and economic growth by using a multivariate autoregressive VAR model in Greece for the examined period 1960:I-2000:IV. The results of cointegration analysis suggest that there is one cointegrated vector among GDP, financial development and the degree of openness of the economy. Granger causality tests based on error correction models show that there is a causal relationship between financial development and economic growth, but also between the degree of openness of the economy and economic growth.

Keywords: Financial development; economic growth; openness; Granger causality (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:taf:intecj:v:18:y:2001:i:4:p:547-559

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DOI: 10.1080/1016873042000299981

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