Financial development and economic growth in an oil-rich economy: The case of Saudi Arabia

被引：93

作者：

Samargandi, Nahla ^{[1
,2
]}

Fidrmuc, Jan ^{[1
,3
,4
,5
]}

Ghosh, Sugata ^{[1
,3
,6
]}

机构：

[1] Brunel Univ, Dept Econ & Finance, Uxbridge UB8 3PH, Middx, England

[2] King Abdulaziz Univ, Fac Econ & Adm, Dept Econ, Jeddah, Saudi Arabia

[3] Brunel Univ, CEDI, Uxbridge UB8 3PH, Middx, England

[4] Charles Univ Prague, Inst Econ Studies, CR-11636 Prague 1, Czech Republic

[5] CESifo, Munich, Germany

[6] Brunel Univ, BMRC, Uxbridge UB8 3PH, Middx, England

来源：

ECONOMIC MODELLING | 2014年 / 43卷

关键词：

Financial development; Economic growth; ARDL method; Oil and non-oil sectors; Saudi Arabia; TIME-SERIES EVIDENCE; STOCK MARKETS; COINTEGRATION; RUN; COUNTRIES; POLICY; CURSE; NEXUS;

D O I：

10.1016/j.econmod.2014.07.042

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We investigate the effect of financial development on economic growth in the context of Saudi Arabia, an oil-rich economy. In doing so, we distinguish between the effects of financial development on the oil and non-oil sectors of the economy. Using the Autoregressive Distributed Lag (ARDL) Bounds test technique, we find that financial development has a positive impact on the growth of the non-oil sector. In contrast, its impact on the oil-sector growth and total GDP growth is either negative or insignificant. This suggests that the relationship between financial development and growth may be fundamentally different in resource-dominated economies. (C) 2014 Elsevier BM. All rights reserved.

引用

页码：267 / 278

页数：12

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