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110
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4
The goal of the paper is to investigate the relationship between financial development and economic growth in the developing countries which are Brazil, China, Chili, Colombia, Indonesia, Malaysia, Mexico, Peru, Philippines, Russia, South Africa, South Korea, Thailand and Turkey. The financial development variable is considered as the ratio of domestic credit to private sector (of GDP) and the economic growth variable is taken into account as the real GDP. The annual dataset belongs to financial development and economic growth is obtained from the World Development Indicators database. In the empirical analysis, we investigate the long-run and the short-run relationships between financial development and economic growth using the nonlinear cointegration tests and the nonlinear error correction modes proposed by Kapetanios et al. (2006).
The goal of the paper is to investigate the relationship between financial development and economic growth in the developing countries which are Brazil, China, Chile, Colombia, Indonesia, Malaysia, Mexico, Peru, the Philippines, Russia, South Africa, South Korea, Thailand and Turkey. The financial development variable is considered as the ratio of domestic credit to private sector (of GDP) and the economic growth variable is taken into account as the real GDP. The annual dataset belongs to financial development and economic growth is obtained from the World Development Indicators database. In the empirical analysis, we investigate the long-run and the short-run relationships between financial development and economic growth using the nonlinear cointegration tests and the nonlinear error correction modes proposed by Kapetanios et al. in 2006 .
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