Specialty Financial Analysis and Policy
Library of the Faculty of Economics and of the Faculty of Business Administration

2022-08-01

2022

Vrynia Aggeliki

Νικολίνα Κωστελέτου, Αναπληρώτρια Καθηγήτρια , Τμήμα Οικονομικών Επιστημών (Τ.Ο.Ε.), Εθνικό και Καποδιστριακό Πανεπιστήμιο Αθηνών (ΕΚΠΑ)

Χρηματοοικονομική ανάπτυξη και οικονομική μεγέθυνση, μελέτη περίπτωσης: Ελλάδα, Πορτογαλία και Γαλλία

Greek

Financial Development and Economic Growth, Case study: Greece, Portugal and France

The study of the relationship between economic growth and financial development has attracted considerable research interest in recent years. The research paper investigates the relationship for the case of three countries, Greece, France and Portugal for the period 1999Q1 2021Q3. The choice of these countries based on the fact that they are European countries with similar history and cultural elements and they have been affected by economic and political changes during the examined period.
Firstly, it is analyzed the economic growth and financial development and also their relationship. Additionally, there is a detailed presentation of the of the research that has been conducted by the academic community regarding the relationship and the causality results that have emerged. Furthermore, an analytic recording is presented of the data used in this particular thesis, which is in the form of time series. The data were taken from the database of EUROSTAT and they are quarterly observations for the period 1999Q1 - 2021Q3. They are used various financial variables, through the available data, and also key macroeconomic variables are used for empirical investigation. Then, it presented the stationarity tests, with the ADF and Phillips-Perron (PP) methods, as well as cointegration tests for the existence or not of a long-run relationship between the variables used. In addition, it is calculated the error correction model (VECM) to determine the short-term relationship. Finally, the research paper is concluded by the Granger causality test which is the basic tool of the empirical research, as well as of its results, to determine the relationship between economic growth and financial development for each country.

Social, Political and Economic sciences

Economic growth, Financial development, Greece, France, Portugal, ADF, VECM, Granger causality.

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https://pergamos.lib.uoa.gr/uoa/dl/object/3228681