Original paper-Adv in Econ & Bus-Girgin et al-2017.pdf (402.91 kB)
Revisiting the effect of financial development on economic growth after the 2008 Global Financial Crisis
journal contribution
posted on 2023-05-19, 12:19 authored by Celik Girgin, S, Hong-Oanh NguyenHong-Oanh Nguyen, Karlis, TA 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.
History
Publication title
Advances in Economics and BusinessVolume
5Issue
8Pagination
456-465ISSN
2331-5059Department/School
TSBEPublisher
Horizon Research PublishingPlace of publication
USARights statement
Copyright 2017 The Authors Licensed under Creative Commons Attribution 4.0 International (CC BY 4.0) https://creativecommons.org/licenses/by/4.0/Repository Status
- Open