Innovation, financial development and economic growth in Eurozone countries
Rudra P. PradhanVinod Gupta School of Management, Indian Institute of Technology, Kharagpur, IndiaMak B. ArvinDepartment of Economics, Trent University, Peterborough, CanadaJohn H. HallDepartment of Financial Management, University of Pretoria, Pretoria, Republic of South AfricaMahendhiran NairSchool of Business, Monash University Malaysia, Malaysia
2016en
ABI
Annotatsiya
Using a panel vector auto-regressive model, we study interactions between innovation, \nfinancial development and economic growth in 18 Eurozone countries between 1961 \nand 2013. We focus on whether causality runs between these variables both ways, one \nway, the other way or not at all. Our empirical results show that development of the \nfinancial sector and enhanced innovative capacity in the Eurozone contribute to longterm \neconomic growth in the countries in the region.
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