The Effect Of Financial Development On Growth In Countries Joining The EU After 2004: A Panel Data Analysis

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Atıf İçin Kopyala

Arıç K. H., Erkekoğlu H.

Revista Economică, Journal of Economic-Financial Theory and Practice, cilt.66, sa.3, ss.60-71, 2014 (Hakemli Dergi)

• Yayın Türü: Makale / Tam Makale
• Cilt numarası: 66 Sayı: 3
• Basım Tarihi: 2014
• Dergi Adı: Revista Economică, Journal of Economic-Financial Theory and Practice
• Derginin Tarandığı İndeksler: Other Indexes
• Sayfa Sayıları: ss.60-71
• Kayseri Üniversitesi Adresli: Hayır

Özet

In this study, the effect of financial development on the growth in 12 countries joining the EU after 2004 was analysed by using data of the period 2004- 2012. Panel data was used as the analysis method. According to the results of the analysis, domestic credits to private sector as % of GDP negatively affect economic growth. Market capitalization of listed companies as % of GDP is statistically insignificant affect on growth. However, M2 have a positive effect on growth and interest rate has negative impact on growth. Also 2009 year has a negative impact on economic growth. This situation can be described by 2009 global financial crisis.

Key words: Financial development, economic growth, European Union, panel data Jel classification: C01, C23, G23, O47, O52, R11