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How Global Financial Crisis affected the financial development and economic growth?

Celik Girgin, S, Nguyen, H-O ORCID: 0000-0002-9167-0143 and Karlis, T 2017 , 'How Global Financial Crisis affected the financial development and economic growth?', paper presented at the Institute of Global Finance and the School of Banking and Finance, UNSW Business School, 13-15 December 2017, Sydney, Australia.

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Abstract

A growing body of theoretical and empirical literature analyses the relationship between finance and economic growth. The relationship has been strongly supported by many empirical analyses. However, Global Financial Crisis, 2008 and significantly improved econometric techniques made scholars to revisit this relationship. The main motivation of this paper is to empirically revisit the traditional financial development proxies relationship with economic growth after world’s second greatest financial crisis. In this study, both fixed effect and dynamic panel data analysis are conducted by using 147 countries over the period of 2000- 2013. The analysis results prove the destructive effect of GFC, 2008 on the relationship between financial development and economic growth. Also, the finding showed that the significance of traditional financial development proxies has lowered after the crisis.

Item Type: Conference or Workshop Item (Paper)
Authors/Creators:Celik Girgin, S and Nguyen, H-O and Karlis, T
Keywords: economic growth, financial development, Global Financial Crisis, panel data
Journal or Publication Title: Proceedings of the Institute of Global Finance and the School of Banking and Finance, UNSW Business School
Publisher: Institute of Global Finance and the School of Banking and Finance, UNSW Business Schoo
Copyright Information:

Copyright 2017 the authors

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