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https://doi.org/10.1080/1331677X.2015.1084476

The role of the financial sector in the UK economy: evidence from a seasonal cointegration analysis

Sami Fethi
Salih Katircioglu

Puni tekst: engleski, pdf (452 KB) str. 717-737 preuzimanja: 130* citiraj
APA 6th Edition
Fethi, S. i Katircioglu, S. (2015). The role of the financial sector in the UK economy: evidence from a seasonal cointegration analysis. Economic research - Ekonomska istraživanja, 28 (1), 717-737. https://doi.org/10.1080/1331677X.2015.1084476
MLA 8th Edition
Fethi, Sami i Salih Katircioglu. "The role of the financial sector in the UK economy: evidence from a seasonal cointegration analysis." Economic research - Ekonomska istraživanja, vol. 28, br. 1, 2015, str. 717-737. https://doi.org/10.1080/1331677X.2015.1084476. Citirano 21.01.2020.
Chicago 17th Edition
Fethi, Sami i Salih Katircioglu. "The role of the financial sector in the UK economy: evidence from a seasonal cointegration analysis." Economic research - Ekonomska istraživanja 28, br. 1 (2015): 717-737. https://doi.org/10.1080/1331677X.2015.1084476
Harvard
Fethi, S., i Katircioglu, S. (2015). 'The role of the financial sector in the UK economy: evidence from a seasonal cointegration analysis', Economic research - Ekonomska istraživanja, 28(1), str. 717-737. https://doi.org/10.1080/1331677X.2015.1084476
Vancouver
Fethi S, Katircioglu S. The role of the financial sector in the UK economy: evidence from a seasonal cointegration analysis. Economic research - Ekonomska istraživanja [Internet]. 2015 [pristupljeno 21.01.2020.];28(1):717-737. https://doi.org/10.1080/1331677X.2015.1084476
IEEE
S. Fethi i S. Katircioglu, "The role of the financial sector in the UK economy: evidence from a seasonal cointegration analysis", Economic research - Ekonomska istraživanja, vol.28, br. 1, str. 717-737, 2015. [Online]. https://doi.org/10.1080/1331677X.2015.1084476

Sažetak
This article empirically investigates the relationship between stock market/banking sector development and economic growth by controlling for the effects of human and physical capital factors in a seasonal cointegration framework. We use a sample of quarterly and seasonally unadjusted data which covers the period 1965Q1– 2011Q4. The results suggest that: (1) the UK financial sector development is a good promoter of the domestic economy both in the long- and the short-run; (2) the supply- leading hypothesis that causality runs from stock market capitalisation and stock market volatility to real GDP per worker is confirmed; (3) stock market volatility has a negative influence on the UK’s output, which may reflect economic ambiguity but may also reflect a well-functioning and efficient stock market; (4) if a country has a good infrastructure and a well-educated nation, it enhances economic growth as well as betters the financial sector (i.e. markets and banks); and (5) if a new global financial meltdown is formed, this can easily devastate the UK economy.

Ključne riječi
financial development; economic growth; seasonal cointegration; causality; the UK economy

Hrčak ID: 171556

URI
https://hrcak.srce.hr/171556

Posjeta: 201 *