A CONTENT ANALYSIS OF FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH RELATIONSHIP
DOI:
https://doi.org/10.47743/asas-2025-2-830Keywords:
financial development, economic growth, causality, content analysisAbstract
The relationship between financial development and economic growth represents a very well-investigated research topic by a large number of studies, encompassing both theoretical and empirical approaches. Nevertheless, research conclusions are ambiguous, and it is necessary to clarify them. In this context, the main purpose of our study is to analyze, through content analysis, as a tool of qualitative
research, the relationship between financial development and economic growth. Therefore, using a sample of 25 representative articles, we apply content analysis to determine the presence, sign, and direction of the aforementioned relationship. The results obtained indicate that, although the literature emphasizes both a positive and negative impact of financial development on economic growth, the positive impact is more frequently reflected. Moreover, the research demonstrates that, despite the specialized literature addressing all three possible hypotheses regarding the direction of the relationship, the prevailing evidence supports the direction from financial development to economic growth to a greater extent. (JEL classification: E44; G21; O11; O16; O43)
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