This paper purposes to discuss the relationship between the financial development and economic growth. In the past, most studies related to the influence of financial development on economic growth used cross-sectional analysis or time series analysis. However, the cross-sectional analysis cannot explain the long-term trend of the time series, and the time series is unable to explain the multiple samples of the cross-section. Based on Arellano and Bond (1991), and Arellano and Bover (1995), this paper utilizes the panel data model to discuss financial development and economic growth. The results point out that bank credit in total GDP and capitalization of stock market show significantly positive related with economic growth. Therefore, we can conclude that the economic growth of the country will improve when the financial development progresses.
","abstract_html":"<p>This paper purposes to discuss the relationship between the financial development and economic growth. In the past, most studies related to the influence of financial development on economic growth used cross-sectional analysis or time series analysis. However, the cross-sectional analysis cannot explain the long-term trend of the time series, and the time series is unable to explain the multiple samples of the cross-section. Based on Arellano and Bond (1991), and Arellano and Bover (1995), this paper utilizes the panel data model to discuss financial development and economic growth. The results point out that bank credit in total GDP and capitalization of stock market show significantly positive related with economic growth. Therefore, we can conclude that the economic growth of the country will improve when the financial development progresses.</p>","abstract_has_math":false,"creators":["Jiang, Chiau-Jiun"],"institution":null,"degree_name":"Master of Arts (M.A.)","degree_level":"Thesis","degree_discipline":"Economics and Business","degree_department":null,"school":null,"contributors":["Peter Chow","Yan Zhao"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2020,"date_issued":"2020-01-01T08:00:00Z","date_published":"2020-01-01T08:00:00Z","updated_at":"2026-07-24T01:57:28Z","subjects":["Financial Development","Economic Growth","GMM model","Econometrics","Finance","Growth and Development","Other Economics"],"languages":[],"rights":[],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"https://academicworks.cuny.edu/cc_etds_theses/923","outbound_label":"Repository record","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Peter Chow","Yan Zhao"]},{"key":"dc:creator","label":"Author","values":["Jiang, Chiau-Jiun"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.available","label":"Dc Date Available","values":["2025-05-18T07:00:00Z"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Economics and Business"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Thesis"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Master of Arts (M.A.)"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Financial Development","Economic Growth","GMM model","Econometrics","Finance","Growth and Development","Other Economics"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["https://academicworks.cuny.edu/cc_etds_theses/923"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.abstract","label":"Abstract","values":["This paper purposes to discuss the relationship between the financial development and economic growth. In the past, most studies related to the influence of financial development on economic growth used cross-sectional analysis or time series analysis. However, the cross-sectional analysis cannot explain the long-term trend of the time series, and the time series is unable to explain the multiple samples of the cross-section. Based on Arellano and Bond (1991), and Arellano and Bover (1995), this paper utilizes the panel data model to discuss financial development and economic growth. The results point out that bank credit in total GDP and capitalization of stock market show significantly positive related with economic growth. Therefore, we can conclude that the economic growth of the country will improve when the financial development progresses.
"]},{"key":"dc:title","label":"Title","values":["Financial Development and Economic Growth"]}]}],"canonical_facts":{"dc:contributor":["Peter Chow","Yan Zhao"],"dc:creator":["Jiang, Chiau-Jiun"],"dc:date.available":["2025-05-18T07:00:00Z"],"dc:description.abstract":["This paper purposes to discuss the relationship between the financial development and economic growth. In the past, most studies related to the influence of financial development on economic growth used cross-sectional analysis or time series analysis. However, the cross-sectional analysis cannot explain the long-term trend of the time series, and the time series is unable to explain the multiple samples of the cross-section. Based on Arellano and Bond (1991), and Arellano and Bover (1995), this paper utilizes the panel data model to discuss financial development and economic growth. The results point out that bank credit in total GDP and capitalization of stock market show significantly positive related with economic growth. Therefore, we can conclude that the economic growth of the country will improve when the financial development progresses.
"],"dc:identifier":["https://academicworks.cuny.edu/cc_etds_theses/923"],"dc:subject":["Financial Development","Economic Growth","GMM model","Econometrics","Finance","Growth and Development","Other Economics"],"dc:title":["Financial Development and Economic Growth"],"thesis:degree_discipline":["Economics and Business"],"thesis:degree_level":["Thesis"],"thesis:degree_name":["Master of Arts (M.A.)"]},"updated_at":"2026-07-24T01:57:28Z"}