231 FINANCIAL AND REAL SECTOR INTERACTIONS: THE CASE OF GREECE

George Halkos and Marianna K. Trigoni

Journal of Applied Economic Sciences, 2010, vol. 5, issue 3(13)/Fall 2010, 231-246

Abstract: In this study we try to detect the relationship between financial and real sector employing in the estimation procedure the recent time–series techniques of co–integration, vector error–correction modelling and Granger multivariate causality. We contribute to the existing literature by using for the first time a number of financial and economic variables for the case of Greece for the time period 1960–2005. Our empirical results reveal that the linkage between financial and real development is relatively weak in Greece and real sector plays the major role in the evolution of the financial system. The latter seems to promote growth only by increasing its competitiveness.

Keywords: financial sector; real sector; Greek banks (search for similar items in EconPapers)
JEL-codes: E5 G0 (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:ush:jaessh:v:5:y:2010:i:3(13)_fall2010:p:113

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