Financial development and economic growth: an empirical evidence from the GCC countries using static and dynamic panel data

被引：14

作者：

Muhammad N. ^{[1
]}

Islam A.R.M. ^{[2
]}

Marashdeh H.A. ^{[3
]}

机构：

[1] Faculty of Business, University of Wollongong in Dubai, Dubai

[2] Department of Business Administration, ALHOSN University, Abu Dhabi

[3] Department of Accounting and Finance, ALHOSN University, Abu Dhabi

来源：

Journal of Economics and Finance | 2016年 / 40卷 / 4期

关键词：

Economic growth; Financial development; GCC countries; Panel data; System GMM;

D O I：

10.1007/s12197-015-9331-9

中图分类号：

学科分类号：

摘要：

This paper contributes to the existing empirics of finance-growth nexus of all GCC countries with new results based on a larger dataset and longer time period 1975–2012, incorporating additional control variables, FDI, interaction term of FDI & financial development variables, and oil production. We employed four estimation techniques, Pooled OLS, Fixed effect estimation, Random effect estimation, and the system GMM estimation and used static and dynamic panel data. We obtain a robust finding of consistently a positive effect of financial sector development (FSD) on economic growth of GCC region with implication that a substantial improvement in FSD was in place. The results indicate that FDI, Fixed capital formation and oil production contribute positively to the economic growth of this region. The study results signify for a continuity of the on-going financial reform process, supervision & monitoring exercises to bring hitherto more dividends to the GCC economies. © 2015, Springer Science+Business Media New York.

引用

页码：773 / 791

页数：18

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