The Effect of Banking Industry Development on Economic Growth: An Empirical Study in Jordan |
ALMAHADIN, Hamed Ahmad
(Department of Finance and Banking Sciences, Faculty of Business, Applied Science Private University)
AL-GASAYMEH, Anwar (Department of Finance and Banking Sciences, Faculty of Business, Applied Science Private University) ALRAWASHDEH, Najed (Financial and Accounting Sciences Department, Faculty of Business, Middle East University) ABU SIAM, Yousef (Department of Accounting, Faculty of Business, Applied Science Private University) |
1 | Abu-Bader, S., & Abu-Qarn, A. S. (2008). Financial development and economic growth: empirical evidence from six MENA countries. Review of Development Economics, 12(4), 803-817. DOI |
2 | Abusharbeh, M. T. (2017). The impact of banking sector development on economic growth: Empirical analysis from Palestinian economy. Journal of Emerging Issues in Economics, Finance and Banking, 6(2), 2306-2316. |
3 | Al-Awad, M., & Harb, N. (2005). Financial development and economic growth in the Middle East. Applied Financial Economics, 15(15), 1041-1051. DOI |
4 | Almahadin, H. A. (2019). Spillover Effects of US Monetary Policy on Banking Development: Evidence from the Asian Region. Global Business Review. https://doi.org/10.1177/0972150919857486 DOI |
5 | Almahadin, H. A., & Tuna, G. (2019). Dynamic impact of interest rate volatility and spillover effect of the US interest rate on banking sector development of Turkey: empirical evidence from cointegration and causality analysis. Asia-Pacific Journal of Accounting & Economics, 26(5), 577-588. DOI |
6 | Almahadin, H. A., Kaddumi, T., & Qais, A. K. (2020). Banking soundness-financial stability nexus: empirical evidence from Jordan. Banks and Bank Systems, 15(3), 218-227. DOI |
7 | Bagehot, W. (1873). Lombard Street: A description of the money market. New York: Scribner, Armstrong & Company. |
8 | Beck, T., Demirguc-Kunt, A., & Levine, R. (1999). A new database on financial development and structure. The World Bank. |
9 | Ben Salem, J. B., & Trabelsi, M. (2012). More on finance and growth in the MENA region: more growth, more finance. Middle Eastern Finance and Economics, 17, 113-124. |
10 | Bolbol, A. A., Fatheldin, A., & Omran, M. M. (2005). Financial development, structure, and economic growth: the case of Egypt, 1974-2002. Research in International Business and Finance, 19(1), 171-194. DOI |
11 | Shokr, M. A., & Al-Gasaymeh, A. (2018). Bank lending channel and banking sector efficiency: panel data of Egypt. International Journal of Emerging Markets, 13(5), 1291-1310. https://doi.org/10.1108/IJoEM-08-2017-0289 DOI |
12 | Rousseau, P. L., & Wachtel, P. (1998). Financial intermediation and economic performance: historical evidence from five industrialized countries. Journal of Money, Credit and Banking, 657-678. |
13 | Rousseau, P. L., & Wachtel, P. (2000). Equity markets and growth: Cross-country evidence on timing and outcomes, 1980-1995. Journal of Banking & Finance, 24(12), 1933-1957. DOI |
14 | Schumpeter, J. (1961). 1911. The Theory of Economic Development. Cambridge, MA: Harvard University Press. |
15 | Tekin, R. B. (2012). Economic growth, exports and foreign direct investment in Least Developed Countries: A panel Granger causality analysis. Economic modelling, 29(3), 868-878. DOI |
16 | Camba, A. C., & Camba, A. L. (2020). The Dynamic Relationship of Domestic Credit and Stock Market Liquidity on the Economic Growth of the Philippines. Journal of Asian Finance, Economics and Business, 7(1), 37-46. https://doi.org/10.13106/jafeb.2020.vol7.no1.37 DOI |
17 | World Bank. (2019, August 14). World Development Indicators: Retrieved from https://databank.worldbank.org/source/world-development-indicators |
18 | Bong, A., & Premaratne, G. (2019). The Impact of Financial Integration on Economic Growth in Southeast Asia. Journal of Asian Finance, Economics and Business, 6(1), 107-119. http://doi.org/10.13106/jafeb.2019.vol6.no1.107 DOI |
19 | Boulila, G., & Trabelsi, M. (2004). The causality issue in the finance and growth nexus: empirical evidence from Middle East and North African countries. Review of Middle East Economics and Finance, 2(2), 123-138. DOI |
20 | Brown, R. L., Durbin, J., & Evans, J. M. (1975). Techniques for testing the constancy of regression relationships over time. Journal of the Royal Statistical Society: Series B (Methodological), 37(2), 149-163. DOI |
21 | Central Bank of Jordan. (2018), Annual Report 2018. Retrieved from http://www.cbj.gov.jo/EchoBusV3.0/SystemAssets/8c90c6af-fa44-4aa7-b2ce 2ec90cada8cc.pdf |
22 | Christopoulos, D. K., & Tsionas, E. G. (2004). Financial development and economic growth: evidence from panel unit root and cointegration tests. Journal of Development Economics, 73(1), 55-74. DOI |
23 | Demetriades, P. O., & Hussein, K. A. (1996). Does financial development cause economic growth? Time-series evidence from 16 countries. Journal of Development Economics, 51(2), 387-411. DOI |
24 | Ghali, K. H. (1999). Financial development and economic growth: The Tunisian experience. Review of Development Economics, 3(3), 310-322. DOI |
25 | Gujarati, D. N., & Porter, D. C. (2003). Basic econometrics (ed.). Singapore: McGraw Hill Book Co. |
26 | Hicks, J. (1969). A theory of economic history (Vol. 9). Oxford: Oxford University Press. |
27 | Kumar, A., & Paramanik, R. N. (2020). Nexus between Indian Economic Growth and Financial Development: A Non-Linear ARDL Approach. Journal of Asian Finance, Economics and Business, 7(6), 109-116. https://doi:10.13106/jafeb.2020.vol7.no6.109 DOI |
28 | Kar, M., & Pentecost, E. J. (2000). Financial development and economic growth in Turkey: further evidence on the causality issue (Economic Research Paper No. 00/21). Centre for International, Financial and Economics Research, Department of Economics, Loughborough University, Loughborough, UK, December 2020. |
29 | Kar, M., Nazlioglu, S., & Agir, H. (2011). Financial development and economic growth nexus in the MENA countries: Bootstrap panel granger causality analysis. Economic modeling, 28(1-2), 685-693. DOI |
30 | King, R. G., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The quarterly journal of economics, 108(3), 717-737. DOI |
31 | La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2002). Government ownership of banks. The Journal of Finance, 57(1), 265-301. DOI |
32 | Levine, R. (2005). Finance and growth: theory and evidence. Handbook of Economic Growth, 1, 865-934. DOI |
33 | Levine, R., Loayza, N., & Beck, T. (2000). Financial intermediation and growth: Causality and causes. Journal of Monetary Economics, 46(1), 31-77. DOI |
34 | Pesaran, M. H., & Shin, Y. (1995). An autoregressive distributed lag modelling approach to cointegration analysis. Cambridge Working Papers in Economics 9514, Faculty of Economics, University of Cambridge. |
35 | Lucas Jr, R. E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3-42. DOI |
36 | Miller, M. H. (1998). Financial markets and economic growth. Journal of Applied Corporate Finance, 11(3), 8-15. DOI |
37 | Narayan, P. K., & Smyth, R. (2004). The relationship between the real exchange rate and balance of payments: empirical evidence for China from cointegration and causality testing. Applied Economics Letters, 11(5), 287-291. DOI |
38 | Abdelhafidh, S. (2013). Potential financing sources of investment and economic growth in North African countries: A causality analysis. Journal of Policy Modeling, 35(1), 150-169. DOI |
39 | Ngoc, B. H. (2020). The Asymmetric Effect of Inflation on Economic Growth in Vietnam: Evidence by Nonlinear ARDL Approach. Journal of Asian Finance, Economics and Business, 7(2), 143-149. https://doi.org/10.13106/jafeb.2020.vol7.no2.143 DOI |
40 | Patrick, H. T. (1966). Financial development and economic growth in underdeveloped countries. Economic Development and Cultural Change, 14(2), 174-189. DOI |
41 | Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326. DOI |
42 | Pesaran, M.H., & Shin, Y. (1999). An Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis. In: Storm, S. (Ed.), Econometrics and Economic Theory in the 20th Century: The Ragnar Frisch Centennial Symposium, Chapter 11. Cambridge: Cambridge University Press. |
43 | Robinson, J. (1952). The Generalization of the General Theory, in: The Rate of Interest and Other Essays. London: MacMillan. |
44 | Pieroni, L. (2009). Military expenditure and economic growth. Defence and Peace Economics, 20(4), 327-339. DOI |
45 | Rioja, F., & Valev, N. (2004a). Finance and the sources of growth at various stages of economic development. Economic Inquiry, 42(1), 127-140. DOI |
46 | Rioja, F., & Valev, N. (2004b). Does one size fit all?: a reexamination of the finance and growth relationship. Journal of Development Economics, 74(2), 429-447. DOI |
47 | Rodrik, D. (2000). Institutions for high-quality growth: what they are and how to acquire them. Studies in Comparative International Development, 35(3), 3-31. DOI |