Does financial development cause economic growth? Time-series evidence from 16 countries

Demetriades, Panicos O.; Hussein, Khaled A.

doi:10.1016/s0304-3878(96)00421-x

Cited by 1,539Monetary Policy and Economic ImpactEconomic Growth and ProductivityEconomic Growth and Development

Does financial development cause economic growth? Time-series evidence from 16 countries

Demetriades, Panicos O., Hussein, Khaled A.·1996·Journal of Development Economics

DOI 10.1016/s0304-3878(96)00421-x

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Finance exerts a causal impact on growth.
“A considerable body of work suggests that finance exerts a causal impact on growth (e.g., Demetriades and Hussein 1996;Arestis and Demetriades 1997;Neusser and Kugler 1998;Rousseau andWachtel 1998, 2000;Rousseau and Sylla 1999;Arestis, Demetriades and Luintel 2000;Xu 2000;Christopoulos and Tsionas 2004;Ang and Madsen 2012).”
From Finance, Growth, and Inequality (2021) · cites this paper as Demetriades and Hussein 1996
Financial development is a crucial prerequisite in economic planning, fostering sustainable economic growth and overall development.
“Financial development stands as a crucial prerequisite in the economic planning process, fostering sustainable economic growth and overall development [1, 2].”
From Dynamics of economic growth in ASEAN-5 countries: a panel ARDL approach (2024) · cites this paper as [1]

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Authors: Demetriades, P. O., & Hussein, K. A.
Affiliations: Keele University (GB)
University of East London (GB)
Corresponding author: Demetriades, Panicos O.
ORCID: Demetriades, Panicos O.
Venue: Journal of Development Economics
Publisher: Elsevier BV
Published: 1996-12
Volume: 51
Issue: 2
Pages: 387-411
ISSN: 0304-3878 (ISSN-L)
DOI: 10.1016/s0304-3878(96)00421-x
OpenAlex: W2077358653
Cited by: 1,539
References: 80
Citations by year: 2026: 21 · 2025: 33 · 2024: 41 · 2023: 56 · 2022: 55 · 2021: 73 · 2020: 86 · 2019: 72 · 2018: 67 · 2017: 82 · 2016: 89 · 2015: 94 · 2014: 112 · 2013: 96 · 2012: 75
FWCI: 11.66
Type: journal article
Language: en
Open access: closed
Licence: www.elsevier.com/tdm/userlicense/1.0/ (tdm)
Locations: Journal of Development Economics (publishedVersion)
RePEc: Research Papers in Economics (submittedVersion)
OpenGrey (Institut de l'Information Scientifique et Technique) (submittedVersion)
Leicester Research Archive (University of Leicester) (submittedVersion)
Funders: Leverhulme Trust
Topics: Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic Growth and Productivity
Physical Sciences › Computer Science › Information Systems › Economic Growth and Development
Keywords: financial development, economic growth, causality, reverse causality, bidirectional causality, real GDP, cross-country heterogeneity, financial sector and growth

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Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

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Does financial development cause economic growth? Time-series evidence from 16 countries

Integrity signals

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