Financial development and economic growth nexus in Russia

This paper examines the finance-growth nexus in Russia with the vector autoregression model, taking oil prices and foreign exchange rates into account. The analyzed period is from 1999 through 2008 (Subperiod 1) and from 2009 through 2014 (Subperiod 2). The results for Subperiod 1 suggest that there...

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Main Author:	Shigeki Ono
Format:	Article
Language:	English
Published:	Voprosy Ekonomiki 2017-09-01
Series:	Russian Journal of Economics
Subjects:	financial development economic growth causality VAR Russia
Online Access:	http://www.sciencedirect.com/science/article/pii/S2405473917300430

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spelling	doaj-ca533916bb474ac684ef6e72454a3f312020-11-24T22:09:13ZengVoprosy EkonomikiRussian Journal of Economics2405-47392017-09-013332133210.1016/j.ruje.2017.09.006Financial development and economic growth nexus in RussiaShigeki OnoThis paper examines the finance-growth nexus in Russia with the vector autoregression model, taking oil prices and foreign exchange rates into account. The analyzed period is from 1999 through 2008 (Subperiod 1) and from 2009 through 2014 (Subperiod 2). The results for Subperiod 1 suggest that there is causality from economic growth to money supply and bank lending, which implies demand-following responses. The results for Subperiod 2 show that economic growth Granger causes bank lending while there is no causality from money supply to economic growth, which could be related to the dramatic decrease in the amount of intervention in foreign exchange markets.http://www.sciencedirect.com/science/article/pii/S2405473917300430financial developmenteconomic growthcausalityVARRussia
collection	DOAJ
language	English
format	Article
sources	DOAJ
author	Shigeki Ono
spellingShingle	Shigeki Ono Financial development and economic growth nexus in Russia Russian Journal of Economics financial development economic growth causality VAR Russia
author_facet	Shigeki Ono
author_sort	Shigeki Ono
title	Financial development and economic growth nexus in Russia
title_short	Financial development and economic growth nexus in Russia
title_full	Financial development and economic growth nexus in Russia
title_fullStr	Financial development and economic growth nexus in Russia
title_full_unstemmed	Financial development and economic growth nexus in Russia
title_sort	financial development and economic growth nexus in russia
publisher	Voprosy Ekonomiki
series	Russian Journal of Economics
issn	2405-4739
publishDate	2017-09-01
description	This paper examines the finance-growth nexus in Russia with the vector autoregression model, taking oil prices and foreign exchange rates into account. The analyzed period is from 1999 through 2008 (Subperiod 1) and from 2009 through 2014 (Subperiod 2). The results for Subperiod 1 suggest that there is causality from economic growth to money supply and bank lending, which implies demand-following responses. The results for Subperiod 2 show that economic growth Granger causes bank lending while there is no causality from money supply to economic growth, which could be related to the dramatic decrease in the amount of intervention in foreign exchange markets.
topic	financial development economic growth causality VAR Russia
url	http://www.sciencedirect.com/science/article/pii/S2405473917300430
work_keys_str_mv	AT shigekiono financialdevelopmentandeconomicgrowthnexusinrussia
_version_	1725812999889879040

Financial development and economic growth nexus in Russia

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