{"title":"金融发展与经济增长的关系:经合组织国家的面板数据分析","authors":"Gönül Yüce Akıncı, Merter Akıncı, Ömer Yılmaz","doi":"10.15057/26816","DOIUrl":null,"url":null,"abstract":"In this paper, the link between financial development and economic growth in OECD member countries is investigated using unbalanced panel cointegration and causality analysis for the period 1980-2011. The results of the Pedroni and Kao Cointegration Analysis show the existence of long-run relationship between financial development and economic growth. The result of Granger Causality Analysis indicates that there is a unidirectional causality relationship running from economic growth to the three proxy variables for financial development while a bidirectional relationship between broad measure of money and economic growth is observed. Therefore, it can be said that the demand-following phenomenon is dominant.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"55 1","pages":"33-50"},"PeriodicalIF":0.2000,"publicationDate":"2014-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"24","resultStr":"{\"title\":\"FINANCIAL DEVELOPMENT-ECONOMIC GROWTH NEXUS: A PANEL DATA ANALYSIS UPON OECD COUNTRIES\",\"authors\":\"Gönül Yüce Akıncı, Merter Akıncı, Ömer Yılmaz\",\"doi\":\"10.15057/26816\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"In this paper, the link between financial development and economic growth in OECD member countries is investigated using unbalanced panel cointegration and causality analysis for the period 1980-2011. The results of the Pedroni and Kao Cointegration Analysis show the existence of long-run relationship between financial development and economic growth. The result of Granger Causality Analysis indicates that there is a unidirectional causality relationship running from economic growth to the three proxy variables for financial development while a bidirectional relationship between broad measure of money and economic growth is observed. Therefore, it can be said that the demand-following phenomenon is dominant.\",\"PeriodicalId\":43705,\"journal\":{\"name\":\"Hitotsubashi Journal of Economics\",\"volume\":\"55 1\",\"pages\":\"33-50\"},\"PeriodicalIF\":0.2000,\"publicationDate\":\"2014-06-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"24\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Hitotsubashi Journal of Economics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.15057/26816\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q4\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Hitotsubashi Journal of Economics","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.15057/26816","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"ECONOMICS","Score":null,"Total":0}
FINANCIAL DEVELOPMENT-ECONOMIC GROWTH NEXUS: A PANEL DATA ANALYSIS UPON OECD COUNTRIES
In this paper, the link between financial development and economic growth in OECD member countries is investigated using unbalanced panel cointegration and causality analysis for the period 1980-2011. The results of the Pedroni and Kao Cointegration Analysis show the existence of long-run relationship between financial development and economic growth. The result of Granger Causality Analysis indicates that there is a unidirectional causality relationship running from economic growth to the three proxy variables for financial development while a bidirectional relationship between broad measure of money and economic growth is observed. Therefore, it can be said that the demand-following phenomenon is dominant.
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