The Relationship Between Central Bank Independence, Financial Freedom, and Economic Growth: A Panel ARDL Bounds Testing Approach

Merter Akinci, Gonul Yuce Akinci and Omer Yilmaz

Central Bank Review, 2015, vol. 15, issue 3, 1-14

Abstract: The purpose of this study is to investigate the nexus between central bank independence, financial freedom, and economic growth in EU member countries from 1995 to 2011 by employing panel ARDL bounds testing approach. The results suggest that there is a positive and statistically significant evidence between central bank independence, financial freedom, and economic growth in both long and short-term. Besides, long-term empirical results refer that current period central bank independence and financial freedom are the important factors for determining the national output level. In addition, the results of the short-term dynamics are parallel with the long-term estimation results.

Keywords: Central bank independence; Financial freedom; Economic growth; Panel ARDL Bounds Testing Approach (search for similar items in EconPapers)
JEL-codes: C33 E58 F36 O47 (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN ... ew/2015/Volume+15-3/ (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:tcb:cebare:v:15:y:2015:i:3:p:1-14

Access Statistics for this article

More articles in Central Bank Review from Research and Monetary Policy Department, Central Bank of the Republic of Turkey Contact information at EDIRC.
Bibliographic data for series maintained by () and () and () and ().