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The increase of interest in the financial system directly results from its significance for the economy as the totality and its influence on the economic growth, which is particularly underlined by the authors of this paper.
A new element of the empirical analysis is the application of the extended econometric and economic modelling, including testing nonlinear relationships, analyzing both levels and changes of the financial variables, as well as estimating the models on the basis of a moving panel with overlapping observations.
The regression equations are estimated by Blundell and Bond’s GMM system estimator.
It turns out that some disturbances observed in the financial sphere of the economy may exert very significant and long-term impact on the behavior of the real economy.
The discussion of these issues is by no way closed.
A new element of the empirical analysis as compared with the other studies on the subject is the application of the extended econometric and economic modelling.
50 Essays Portable Anthology Online Book - Essays On Financial Market Development And Economic Growth
The new aspects include, among others, testing nonlinear relationships between financial development and economic growth, analyzing both levels and changes of the financial variables, as well as estimating the models on the basis of a moving panel with overlapping observations.
The knowledge in this regard was broadened both from a theoretical perspective as well as from a practical point of view.
It is difficult however to identify the common thought in it.
Our results indicate that all the research hypotheses have been positively verified.
There are many factors that can be treated as economic growth determinants. The institutional framework of the financial system as well as its performance are no doubt important determinants of output growth.