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Financial Development and Growth : A Re-Examination using a Panel Granger Causality Test

Hurlin, Christophe; Venet, Baptiste (2008-08), Financial Development and Growth : A Re-Examination using a Panel Granger Causality Test. https://basepub.dauphine.fr/handle/123456789/1653

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Granger Panel Causality Test.pdf (149.7Kb)
Type
Document de travail / Working paper
Date
2008-08
Publisher
Université Paris-Dauphine
Published in
Paris
Pages
30
Metadata
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Author(s)
Hurlin, Christophe
Venet, Baptiste
Abstract (EN)
In this paper we investigate the causal relationship between financial development and economic growth. We use an innovative econometric method which is based on a panel test of the Granger non causality hypothesis. We implement various tests with a sample of 63 industrial and developing countries over the 1960-1995 and 1960-2000 periods. We use three standard indicators of financial development. The results provide support for a robust causality relationship from economic growth to the financial development. On the contrary, the non causality hypothesis from financial development indicators to economic growth can not be rejected in most of the cases. However, these results only imply that, if such a relationship exists, it can not be easily identified in a simply bi-variate Granger causality test.
Subjects / Keywords
Granger Causality Tests; Panel Data; Financial Development; Economic Growth
JEL
C23 - Panel Data Models; Spatio-temporal Models
C11 - Bayesian Analysis: General
O16 - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
G18 - Government Policy and Regulation
G28 - Government Policy and Regulation

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