Η επίδραση του εμπορίου και της χρηματοοικονομικής ανάπτυξης στην οικονομική ανάπτυξη
Φλεβοτόμος, Χαράλαμπος Κ.
Financial development and international trade, developed from empirical growth literature, are identified as macroeconomic variables highly correlated with economic growth. This study employs the co-integration and Granger causality tests to investigate long-run relationship and the direction of causality between financial development, international trade and real income growth in Germany, Ireland, Portugal, Spain, United Kingdom, Greece and Italy. The estimation procedure also passes a battery of diagnostic tests indicating stability of the long run and short run estimates. The results of the study reveal any long-run relationship between economic growth and financial development and domestic credits, and between exports and economic growth for some countries. Also, Granger causality test results suggest that that export and import growth cause in the finance and economic growth. These directions are either one-way or two-way. The findings of this thesis have important implications for macroeconomic policies of the nations.