Causal link between financial development and economic growth: the case of transition countries

Zamira ÖSKÖNBAYEVA

The financial market is an important element of any market economy. The study of the impact of financial development on the country The main objective of this study is to investigate the causal relationship between financial development, trade openness and economic growth. The empirical analysis of this study consists on panel data of 9 transition countries (Ukraine, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova and Tajikistan) over the period 1998 to 2015. In order to investigate the causal link between financial development and economic growth a three-stage Panel Gr ...Более