Naslov
The causality between financialization and economic growth in Central and Southeast European countries

Autori
Kersan-Škabić, Ines

Vrsta, podvrsta i kategorija rada
Poglavlja u knjigama, znanstveni

Knjiga
The EU Economic Environment post crisis: policies, institutions and mechanisms

Urednik/ci
Benazić, Manuel ; Božina Beroš, Marta ; Gimigliano, Gabriella ; Novak, Aleš ; Učkar, Dean

Izdavač
Sveučilište Jurja Dobrile u Puli

Grad
Pula

Godina
2016

Raspon stranica
225-238

ISBN
978-953-7320-40-9

Ključne riječi
financialization, GDP growth rate, CESEE region, Granger causality

Sažetak
ABSTRACT This paper is focused to the empirical evidence of the impacts of financialization on economic growth (mutual causality) in the region of Central and Southeast Europe (CESEE). We have applied the Granger causality between financial indicators and economic growth. The analysis was performed on the sample of 15 countries covering the period 2000-2012. The results show that the causality goes from stock market capitalization and banking efficiency to economic growth, while domestic credit to the private sector does not have a significant impact. In the opposite direction, economic growth is a significant cause of stock market capitalization and domestic credit while it does not have an influence on bank efficiency. We also found that current account has a positive and significant impact on the GDP p.c. growth rate while there is no causality in the opposite direction. Also of importance is the result that domestic credit to the private sector has a positive impact on export, which indicates the role of the banking sector through credit activities for export growth. Applying panel data analysis the main determinants of GDP p.c. growth are indicated.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA