期刊名称：International Journal of Economics and Empirical Research (IJEER)
印刷版ISSN：2311-3871
电子版ISSN：2310-5232
出版年度：2016
卷号：4
期号：2
页码：60-76
出版社：The Economics and Social Development Organization (TESDO)
摘要：Purpose: We study the relationship between financial development, technological development and economic growth in Romania. The study covers the time period of 1985-2011 in the case of Romania. We have applied structural break unit root in testing the integrating properties of the variables. Methodology: The cointegration for long run relationship between the variables is investigated by applying the ARDL bounds testing in the presence of structural breaks in the series. We construct aggregate indices of financial development and technological development using principal component analysis. Findings: Our empirical exercise shows the presence of cointegration between financial development, technological development and economic growth in the case of Romania. Financial development and technological development contribute to economic growth. Moreover, financial development leads technological development which Granger causes economic growth.Recommendations: Our empirical evidence suggests that economic growth is driven by financial development via technological development and that, in Romania,a stable financial system and capital market can facilitate technological innovations.
关键词：: Financial Development; Technological Development; Economic Growth; Romania
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