Impact of financial development on economic growth: empirical evidence from Pakistan

Abdul Jalil and Mete Feridun

No 7924, Greenwich Papers in Political Economy from University of Greenwich, Greenwich Political Economy Research Centre

Abstract: The present article aims at investigating the effects of financial sector development on economic growth in the case of Pakistan from 1975 to 2008. A composite financial depth indicator is built using principal component analysis (PCA) and is used in the Autoregressive Distributed Lag (ARDL) bounds testing approach to cointegration. The results suggest the presence of a positive and significant relationship between financial development and economic growth.

Keywords: financial development; economic growth; ARDL; PCA (search for similar items in EconPapers)
Date: 2011-01-13
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Citations: View citations in EconPapers (39)

Published in Journal of the Asia Pacific Economy 1.16(2011): pp. 71-80

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