The Relationship Between Financial Innovation and Economic Growth: Evidence from Azerbaijan

Autor:	Javid Aliyev, Shahriyar Mukhtarov
Rok vydání:	2021
Předmět:	Macroeconomics Sustainable development Estimation Financial innovation Economics Private sector Causality Strategy development
DOI:	10.1108/978-1-80043-444-820211019
Popis:	This study investigates the causal relationship between financial innovation (FI) as proxied by the bank credits to private sector, as percentage of GDP and economic growth in case of Azerbaijan using annual data covering the period from 1992 to 2018. For this purpose, the Toda–Yamamoto causality test with the framework of vector autoregressive (VAR) model is utilized to test causal relationship between the variables. The estimation results reveal that there is bidirectional causal relationship between FI and economic growth. The findings of the study suggest the researchers and policy makers to understand the role of FI in economic growth for macroeconomic stability and sustainable development purposes in Azerbaijan and other developing oil-rich countries.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::14bf329f2a58168cff1f337169bb02b3 https://doi.org/10.1108/978-1-80043-444-820211019 Zobrazit plný text záznamu