Finance and Growth: Institutional Considerations, Financial Policies and Causality

Philip Arestis and Panicos Demetriades

Zagreb International Review of Economics and Business, 1999, vol. 2, issue 1, 37-62

Abstract: Authors in this article suggest that country specific institutional factors and policies are likely to influence the causal nature of the relationship between financial development and economic growth. Authors conduct cointegration and causality tests using time series data for twelve representative countries. The empirical results show considerable variation of causality across countries which can be explained by institutional and policy differences, providing support to the main hypothesis.

Keywords: financial development; economic growth; causality; financial system (search for similar items in EconPapers)
JEL-codes: E44 O16 O23 (search for similar items in EconPapers)
Date: 1999
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Citations: View citations in EconPapers (17)

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Working Paper: Finance and Growth: Insitututional Considerations, Financial Policies and Causality (1997)
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