The link between economic growth and financial development in the Europe

Pawe³ Boles³aw Bojar ()
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Pawe³ Boles³aw Bojar: Faculty of Management, University of Warsaw

No 12019, Faculty of Management Working Paper Series from University of Warsaw, Faculty of Management

Abstract: This paper shows theoretical and empirical research on the connection between financial system development and economic growth. Despite the fact that empirical studies provide a correlation between these two concepts, the results interpretation is still under scientific discussion. The theoretical part of the paper shows how other researchers describe this relationship – mostly in Europe and United States of America. The main conclusion coming from the theoretical part of the study is that the financial sector actually affects economic growth. Most of the researchers confirm that fact, however, they interpret it in few different ways. The empirical part of the paper uses Europe cross-country data from banks (taking the time frame from 2000 to 2016) to do econometric research which confirm the thesis of connection between financial system and economic growth. The results indicate which components of the financial sector affects most to economic growth. The paper also highlights areas that need additional research.

Keywords: financial markets; economic development; financial institutions; banks; financial sector (search for similar items in EconPapers)
JEL-codes: G20 G32 O16 O40 (search for similar items in EconPapers)
Pages: 36 pages
Date: 2019-02
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Persistent link: https://EconPapers.repec.org/RePEc:sgm:fmuwwp:12019

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