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Revisiting the effect of financial development on economic growth after the 2008 Global Financial Crisis

Citation

Celik Girgin, S and Nguyen, H-O and Karlis, T, Revisiting the effect of financial development on economic growth after the 2008 Global Financial Crisis, Advances in Economics and Business, 5, (8) pp. 456-465. ISSN 2331-5059 (2017) [Refereed Article]


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Copyright 2017 The Authors Licensed under Creative Commons Attribution 4.0 International (CC BY 4.0) https://creativecommons.org/licenses/by/4.0/

DOI: doi:10.13189/aeb.2017.050804

Abstract

A growing body of theoretical and empirical literature analyses the relationship between finance and economic growth. The relationship has been strongly supported by many empirical analyses. However, the 2008 Global Financial Crisis (GFC) and the significantly improved econometric techniques made scholars to revisit this relationship. The main motivation of this paper is to empirically revisit the relationship between financial development and economic growth, especially one under the effect of the world’s greatest financial crisis since the Great Depression. In this study, both fixed effect and dynamic panel data analysis are conducted by using 147 countries over the period of 2000-2013. The analysis results prove the destructive effect of the GFC on the relationship between financial development and economic growth. Also, the finding showed that the effect of traditional financial development proxies has reduced after the crisis.

Item Details

Item Type:Refereed Article
Keywords:economic growth, financial development, Global Financial Crisis, panel data
Research Division:Economics
Research Group:Applied Economics
Research Field:Financial Economics
Objective Division:Economic Framework
Objective Group:Macroeconomics
Objective Field:Economic Growth
Author:Celik Girgin, S ( Sinem Celik Girgin)
Author:Nguyen, H-O (Dr Oanh Nguyen)
Author:Karlis, T (Professor Athanasios Karlis)
ID Code:121368
Year Published:2017
Deposited By:Maritime and Logistics Management
Deposited On:2017-09-26
Last Modified:2017-11-03
Downloads:6 View Download Statistics

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