par Bangake, Chrysost;Eggoh, Jude C
Référence Brussels economic review, 53, 3/4, page (375-392)
Publication Publié, 2010
Référence Brussels economic review, 53, 3/4, page (375-392)
Publication Publié, 2010
Article révisé par les pairs
| Résumé : | In this paper we employ recently developed panel causality and cointegration techniques to examine the long-run relationship between financial development and economic growth of 25 OECD countries. Three measures of financial deepening and stock markets are respectively used. Our results point out a bidirectional causality between financial development and economic growth and support the point of view that although both banking sector and stock market could be a driving force of economic growth, the effects of the former are more powerful. The banking sector is the main channel through which financial development can affect economic growth. Furthermore, the effect of economic growth on stock market indices is more important compared to banking sector indicators. These results have some policy implications. |
