FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH IN BARBADOS: CAUSAL EVIDENCE

Anthony Wood

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Monetary Policy and Economic Impact Economic Theory and Policy Economic Growth and Productivity

Abstract

The financial development economic growth causal relationship is examined using the Hsiao (1979) causal testing method. We find that, for the Barbadian data over the 1946-1990 period, a bi-directional causal relationship exists between financial develop ment and economic growth. However, the results provide no support for Patrick's hypothesis that the supply-leading effect dominates during the early stage of develop ment and as the modern sectors of the economy develop, the demand-following finan cial response becomes dominant.

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References

2010Investigating Causal Relations by Econometric Models and Cross-Spectral Methods 1974Money and Capital in Economic Development.1974Shaw, Edward S., Financial Deepening in Economic Development, New York, Oxford University Press, 1973, xii + 260 pp. ($7.50 cloth, $3.50 paper)1972MONEY, INCOME, AND CAUSALITY 1970Financial Structure and Development.1991Financial Intermediation and Endogenous Growth 1966Financial Development and Economic Growth in Underdeveloped Countries 1981Autoregressive modelling and money-income causality detection

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