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Title: Financial development and economic growth: evidence from transition economies
Contributor(s): Akimov, Alexandr (author); Wijeweera, Albert (author); Dollery, Brian E  (author)
Publication Date: 2009
DOI: 10.1080/09603100701857880
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Abstract: The hypothesis that financial development promotes economic growth enjoys significant support from empirical evidence drawn from both developed and developing countries alike. However, analogous empirical evidence is still lacking for economies in transition. This article analyses the effects of financial intermediation on the growth of real GDP by employing data for 27 countries over the period of 1989 to 2004. Using an endogenous growth model and panel data analysis techniques, we estimate regressions with various proxies for financial sector development. We find that in contrast to some recent empirical work, there is a robust positive link between financial development and economic growth in transition economies.
Publication Type: Journal Article
Source of Publication: Applied Financial Economics, 19(12), p. 999-1008
Publisher: Routledge: Taylor & Francis Group
Place of Publication: London, England
ISSN: 0960-3107
Field of Research (FOR): 140202 Economic Development and Growth
Socio-Economic Objective (SEO): 910206 Market-Based Mechanisms
Peer Reviewed: Yes
HERDC Category Description: C1 Refereed Article in a Scholarly Journal
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Appears in Collections:Journal Article
UNE Business School

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