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
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: O16 O23 E44 (search for similar items in EconPapers)
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Working Paper: Finance and Growth: Insitututional Considerations, Financial Policies and Causality (1997)
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Persistent link: https://EconPapers.repec.org/RePEc:zag:zirebs:v:2:y:1999:i:1:p:37-62
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Zagreb International Review of Economics and Business, Faculty of Economics and Business, Trg J. F. Kennedy 6, 10000 Zagreb, Croatia.
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