DOES FINANCIAL DEVELOPMENT PROMOTE ECONOMIC GROWTH? EVIDENCE FROM SELECTED CIS COUNTRIES

Аннотация

This paper examines whether financial development stimulates economic growth in the case of selected Commonwealth of Independent States (CIS) countries. Methodologically, the paper uses panel data taking advantage of cross-country and timeseries dimensions. As an econometrical approach, the Generalized Method of Moments (GMM) dynamic panel estimation is used in the 'Stata' application. The research results showed that financial development exerts a positive and important impact on economic growth in the case of selected countries.