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Financial Development and Economic Growth in a Transition Economy: Evidence for Poland

Year: 2009

Type: article

Abstract: This paper examines the long-run relationship between finance and economic growth for a transition economy, such as Poland using quarterly data from 1994:Q1 until 2004:Q4. It presents the interaction between the financial market and economic growth, and an aggregate production function is then estimated using cointegration analysis. Given that the literature on the transition specific finance-growth relationship has recently started to emerge, this study with a focus on a transition economy contribute to the existing limited research. The findings suggest that, in the long run, credits to the private sector have been one of the main forces in Polish economic growth. Furthermore, we find that economic development is not driven by endogenously determined variables among which is financial development.

Authors: Dimitris Kenourgios, Aristeidis Samitas

Institutions: National and Kapodistrian University of Athens, University of the Aegean

Language: English

Topic: Monetary Policy and Economic Impact

Subfield: General Economics, Econometrics and Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDG: Decent work and economic growth

Open Access status: green

OpenAlex ID: W204040701

FWCI: 4.877

Cites: 39

Cited by: 59

Related to: 10