This paper uses panel Granger causality estimations with the approaches developed by NairReichert and Weinhold (2001), and Bangake and Eggoh (2011) as well as the Dumitrescu and Hurlin (2012) test, with the algorithm developed by Lopez and Weber (2017), to analyse the causality relations between all the nine IMF financial development indices, and the real GDP growth considering a sample of 46 countries spread by all continents over the interval 19902017. The results obtained reveal the dynamic character of these causality relations and overall, no significant differences were found when comparing the results obtained for the financial institutions indices with those regarding the financial markets indices. The results confirm the existence of bidirectional causality, although not with the same statistical robustness for all the IMF indices, addressing relevant aspects of the financial development: access, depth and efficiency of the financial institutions and markets.

中文翻译：

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金融发展与经济增长之间的面板格兰杰因果关系

本文使用面板 Granger 因果关系估计和 NairReichert 和 Weinhold (2001)、Bangake 和 Eggoh (2011) 以及 Dumitrescu 和 Hurlin (2012) 开发的方法以及 Lopez 和 Weber (2017) 开发的算法，以 19902017 年期间分布在各大洲的 46 个国家为样本，分析所有 9 个国际货币基金组织金融发展指数与实际 GDP 增长之间的因果关系。所得结果揭示了这些因果关系的动态特征，总体而言，不显着在比较金融机构指数和金融市场指数的结果时发现了差异。结果证实了双向因果关系的存在，尽管所有 IMF 指数的统计稳健性不同，