Reference : Stock markets,banks and long run economic growth: a panel cointegration-based analysis

	Document type :	E-prints/Working papers : Already available on another site
	Discipline(s) :	Business & economic sciences : Macroeconomics & monetary economics
	To cite this reference:	http://hdl.handle.net/2268/93676

Title :	Stock markets,banks and long run economic growth: a panel cointegration-based analysis
Language :	English
Author, co-author :	Cavenaile, Laurent [Université de Liège - ULg > HEC-Ecole de gestion de l'ULg : UER > UER Finance et Droit >]
	Gengenbach, Christian [Universiteit Maastricht > > > >]
	Palm, Franz [Universiteit Maastricht > > > >]
Publication date :	25-Mar-2011
Peer reviewed :	No
Keywords :	[en] Banks ; Stock markets ; Economic growth ; Panel cointegration ; Causality
Abstract :	[en] The aim of this paper is to investigate the long run relationship between the development of banks and stock markets and economic growth. We make use of the Groen and Kleibergen (2003) panel cointegration methodology to test the number of cointegrating vectors among these three variables for 5 developing countries. In addition, we test the direction of potential causality between nancial and economic development. Our results conclude to the existence of a single cointegrating vector between nancial development and growth and of causality going from nancial development to economic growth. We nd little evidence of reverse causation as well as bi-directional causality.
Target :	Researchers
Permalink :	http://hdl.handle.net/2268/93676
source URL :	http://www2.ulg.ac.be/crepp/papers/crepp-wp201102.pdf

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