Panel Granger causality between financial development and economic growth

Bibliographic Details
Main Author: Ferreira, Cândida
Publication Date: 2021
Format: Article
Language: eng
Source: Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
Download full: http://hdl.handle.net/10400.5/21398
Summary: This paper uses panel Granger causality estimations with the approaches developed by Nair-Reichert and Weinhold (2001), and Bangake and Eggoh (2011) as well as the Dumitrescu and Hurlin (2012) test, with the algorithm developed by Lopez and Weber (2017), to analyse the causality relations between all the nine IMF financial development indices, and the real GDP growth considering a sample of 46 countries spread by all continents over the interval 1990- 2017. The results obtained reveal the dynamic character of these causality relations and overall, no significant differences were found when comparing the results obtained for the financial institutions indices with those regarding the financial markets indices. The results confirm the existence of bidirectional causality, although not with the same statistical robustness for all the IMF indices, addressing relevant aspects of the financial development: access, depth and efficiency of the financial institutions and markets.
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spelling Panel Granger causality between financial development and economic growthPanel Granger causalityfinancial developmentIMF financial development indicesfinancial institutions and marketseconomic growthThis paper uses panel Granger causality estimations with the approaches developed by Nair-Reichert and Weinhold (2001), and Bangake and Eggoh (2011) as well as the Dumitrescu and Hurlin (2012) test, with the algorithm developed by Lopez and Weber (2017), to analyse the causality relations between all the nine IMF financial development indices, and the real GDP growth considering a sample of 46 countries spread by all continents over the interval 1990- 2017. The results obtained reveal the dynamic character of these causality relations and overall, no significant differences were found when comparing the results obtained for the financial institutions indices with those regarding the financial markets indices. The results confirm the existence of bidirectional causality, although not with the same statistical robustness for all the IMF indices, addressing relevant aspects of the financial development: access, depth and efficiency of the financial institutions and markets.ISEG - REM - Research in Economics and MathematicsRepositório da Universidade de LisboaFerreira, Cândida2021-05-31T15:26:42Z2021-052021-05-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/21398engFerreira, Cândida (2021). "Panel Granger causality between financial development and economic growth". Instituto Superior de Economia e Gestão – REM Working paper nº 0179 – 20212184-108Xinfo:eu-repo/semantics/openAccessreponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiainstacron:RCAAP2025-03-17T16:27:29Zoai:repositorio.ulisboa.pt:10400.5/21398Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireinfo@rcaap.ptopendoar:https://opendoar.ac.uk/repository/71602025-05-29T04:15:32.392079Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiafalse
dc.title.none.fl_str_mv Panel Granger causality between financial development and economic growth
title Panel Granger causality between financial development and economic growth
spellingShingle Panel Granger causality between financial development and economic growth
Ferreira, Cândida
Panel Granger causality
financial development
IMF financial development indices
financial institutions and markets
economic growth
title_short Panel Granger causality between financial development and economic growth
title_full Panel Granger causality between financial development and economic growth
title_fullStr Panel Granger causality between financial development and economic growth
title_full_unstemmed Panel Granger causality between financial development and economic growth
title_sort Panel Granger causality between financial development and economic growth
author Ferreira, Cândida
author_facet Ferreira, Cândida
author_role author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Ferreira, Cândida
dc.subject.por.fl_str_mv Panel Granger causality
financial development
IMF financial development indices
financial institutions and markets
economic growth
topic Panel Granger causality
financial development
IMF financial development indices
financial institutions and markets
economic growth
description This paper uses panel Granger causality estimations with the approaches developed by Nair-Reichert and Weinhold (2001), and Bangake and Eggoh (2011) as well as the Dumitrescu and Hurlin (2012) test, with the algorithm developed by Lopez and Weber (2017), to analyse the causality relations between all the nine IMF financial development indices, and the real GDP growth considering a sample of 46 countries spread by all continents over the interval 1990- 2017. The results obtained reveal the dynamic character of these causality relations and overall, no significant differences were found when comparing the results obtained for the financial institutions indices with those regarding the financial markets indices. The results confirm the existence of bidirectional causality, although not with the same statistical robustness for all the IMF indices, addressing relevant aspects of the financial development: access, depth and efficiency of the financial institutions and markets.
publishDate 2021
dc.date.none.fl_str_mv 2021-05-31T15:26:42Z
2021-05
2021-05-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/21398
url http://hdl.handle.net/10400.5/21398
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Ferreira, Cândida (2021). "Panel Granger causality between financial development and economic growth". Instituto Superior de Economia e Gestão – REM Working paper nº 0179 – 2021
2184-108X
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv ISEG - REM - Research in Economics and Mathematics
publisher.none.fl_str_mv ISEG - REM - Research in Economics and Mathematics
dc.source.none.fl_str_mv reponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
instacron:RCAAP
instname_str FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
instacron_str RCAAP
institution RCAAP
reponame_str Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
collection Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
repository.name.fl_str_mv Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
repository.mail.fl_str_mv info@rcaap.pt
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