Financial development and economic growth: An empirical research about Greece-cointegration test.

Abstract

In this research we attempt to study empirically the casual relation among the degree of openness of the economy, the financial and economic growth using a multi-variate autoregressive model VAR. The Cointegration test results define the long-term relation among GDP, the financial development and the degree of openness of the economy.

Keywords: financial development, economic growth, degree of openness of economy, model VAR