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Financial development, financial sector policies and growth: evidence from India
Pradeepta Sethi 한양대학교 경제연구소 2017 JOURNAL OF ECONOMIC RESEARCH Vol.22 No.1
This paper examines the dynamic relationship between financial development and economic growth in India. Using annual data from 1980 to 2014, we find evidence of a long-run relationship between financial development and economic growth. Financial sector policies embraced by the Government of India have enlarged the financial system, however we could not find substantial effect of these policies on the long-run growth process. Our causality test results show that the economic growth process exerts a uni-directional causal effect on the development of the financial system in India supporting the demand-following hypothesis.
Financial development, financial sector policies and growth: evidence from India
( Pradeepta Sethi ) 한양대학교 경제연구소 2017 JOURNAL OF ECONOMIC RESEARCH Vol.22 No.2
This paper examines the dynamic relationship between financial development and economic growth in India. Using annual data from 1980 to 2014, we find evidence of a long-run relationship be-tween financial development and economic growth. Financial sec-tor policies embraced by the Government of India have enlarged the financial system, however we could not find substantial effect of these policies on the long-run growth process. Our causality test results show that the economic growth process exerts a uni-direc-tional causal effect on the development of the financial system in India supporting the demand-following hypothesis.