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BUSINESS AND ECONOMICS RESEARCH JOURNAL

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Article Information
Journal: Business and Economics Research Journal
Title of Article: The Relationship Between Financial Development and Economic Growth: An Analysis On Troubled Ten Countries 1990 -2014
Author(s): Sumeyra Gazel
Volume: 7
Number: 3
Year: 2016
Page: 39-52
ISSN: 1309-2448
DOI Number: 10.20409/berj.2016321807
Abstract
This study aims to investigate relationship between financial developments and economic growth for troubled ten countries (Brazil, Colombia, Chile, South Africa, South Korea , Peru, Russia, Thailand, Singapore and Taiwan). In this context, troubled ten countries have been examined with dynamic fixed effects estimator and Common Correlated Effects Mean Group for the years 1990-2014. Gross Domestic Product per Capita was used as a proxy for economic growth in the study. On the other hand, Broad Money, Gross Capital Formation and Domestic Credit to Private Sector (% of GDP) are used as proxies for financial development. The results point to different for the long and short term. The results demonstrate that there isn’t a relationship between financial development and economic growth in the context of analyzed long-term. However, it is possible to say that there is a weak positive relationship between financial development and economic growth in short term.
Keywords: Financial Development, Economic Growth, Troubled Ten Countries, Panel Data Analysis
JEL Classification: C33, E44, O11

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