the short and long run causality between financial development and economic growth in iranian provinces
نویسندگان
چکیده
the relationship between economic growth and developments in the financial sector has been one of the most discussed areas in economics for a long time; and the direction of causality – whether financial development causes economic growth or vice versa – is by no means a settled issue.this paper investigates the short- run and long-run granger causality between financial development and economic growth in iranian provinces during the period 1991–2011. more specifically, in the first stage, we use a fully modified ordinary least squares (fmols) method to estimate our long-run panel data model. in the next stage, generalized method of moments (gmm) is used to examine granger causal relationship between each pair of variables. the results suggest the existence of bidirectional short-run and long-run granger causality between financial development and economic growth
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عنوان ژورنال:
تحقیقات اقتصادیجلد ۵۱، شماره ۲، صفحات ۳۸۵-۴۱۱
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