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Original scientific paper

Finance and Growth: Institutional Considerations, Financial Policies and Causality

Philip Arestis ; University of East London, London, UK
Panicos Demetriades ; South Bank University, London, UK

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page 37-62

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Authors in this article suggest that country specific institutional factors and policies are likely to influence the causal nature of the relationship between financial development and economic growth. Authors conduct cointegration and causality tests using time series data for twelve representative countries. The empirical results show considerable variation of causality across countries which can be explained by institutional and policy differences, providing support to the main hypothesis.


financial development, economic growth, causality, financial system

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