The causal relationship between stock, credit market and economic development: An empirical evidence for Greece

被引：28

作者：

Dritsaki C. ^{[1
]}

Dritsaki-Bargiota M. ^{[1
]}

机构：

[1] Department of Applied Informatics, University of Macedonia, 54006 Thessaloniki

来源：

Economic Change and Restructuring | 2005年 / 38卷 / 1期

关键词：

Credit market; Economic development; Granger causality; Greece; Stock market;

D O I：

10.1007/s10644-005-4525-3

中图分类号：

学科分类号：

摘要：

This paper examines empirically the causal relationship among financial development, credit market and economic growth by using a trivariate autoregressive VAR model in Greece for the examined period 1988:1-2002:12. The results of cointegration analysis suggested that there is one cointegrated vector among the functions of stock market, the banking sector development and economic growth. Granger causality tests have shown that there is a bilateral causal relationship between banking sector development and economic growth and a unidirectional causality between economic growth and stock market development whereas there is no causal relationship between the stock market and banking sector development. © Springer 2006.

引用

页码：113 / 127

页数：14

共 34 条

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