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- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2014.1
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The impact of financial deepening and the use of information and communication technology (ICT) in Lebanon’s economy is empirically investigated by estimating a Vector Error Correction Model (VECM) using data from 1993 to 2009. In the short-run, our empirical results show that neither financial deepening nor ICT seems to impact economic growth. However, there is a unidirectional causality running from economic growth to financial deepening implying that the ‘demand-following’ hypothesis in which financial development is a by-product of growth is supported in the case of Lebanon. In the long-run, economic growth is found to be strongly related to financial deepening and ICT levels. This suggests the absence of evidence for a dampening effect from either financial deepening or ICT developments on cyclical fluctuations in the short-run, but strong effects in the long-run growth in Lebanon. A major implication of our results is that growth volatility reductions in Lebanon expected from further financial markets or ICT developments will be slow to materialize.
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참고문헌 (27)
참고문헌 신청
Abu-Bader, S. / 2008 / Financial development and economic growth : Empirical evidence from MENA countries / Review of Development Economics 12 (4) : 803 ~ 817
Ang, J. B. / 2008 / Survey of recent developments in the literature of finance and growth / Journal of Economic Surveys 22 (3) : 536 ~ 576
Bangake, C. / 2011 / Further evidence on finance-growth causality : A panel data analysis / Economic Systems 35 (2) : 176 ~ 188
Barajas, A.R. / 2011 / Further fallout from the global financial crisis : Credit crunch in the periphery / World Economics 12 (2) : 153 ~ 176
Caldero´n, C. / 2003 / The direction of causality between financial development and economic growth / Journal of Development Economics 72 (1) : 321 ~ 334
Ang, J. B. / 2008 / Survey of recent developments in the literature of finance and growth / Journal of Economic Surveys 22 (3) : 536 ~ 576
Bangake, C. / 2011 / Further evidence on finance-growth causality : A panel data analysis / Economic Systems 35 (2) : 176 ~ 188
Barajas, A.R. / 2011 / Further fallout from the global financial crisis : Credit crunch in the periphery / World Economics 12 (2) : 153 ~ 176
Caldero´n, C. / 2003 / The direction of causality between financial development and economic growth / Journal of Development Economics 72 (1) : 321 ~ 334
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