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ID110444
Title ProperFinancial development and economic growth
Other Title Informationevidence from Russia
LanguageENG
AuthorOno, Shigeki
Publication2012.
Summary / Abstract (Note)This article examines the relationship between financial development and economic growth. Money supply and loans relative to Gross Domestic Product (GDP) are used as indicators of financial development. The empirical results, that money supply leads economic growth while economic growth leads loans, reflect the characteristics of the Russian economy. Oil price increases and the appreciation of the ruble increased money supply under insufficient sterilisation instruments, which, in turn, fostered economic growth. On the other hand, the Russian economic boom provided an incentive for banks to increase loans and their role in initiating economic growth is limited.
`In' analytical NoteEurope-Asia Studies Vol. 64, No.2; Mar 2012: p.247-256
Journal SourceEurope-Asia Studies Vol. 64, No.2; Mar 2012: p.247-256
Key WordsFinancial Development ;  Economic Growth ;  Russia ;  Gross Domestic Product (GDP) ;  Russian Economy