Financial Liberalization and its Impact on Economic Growth in Syria during the Period (2000-2014) (An Econometric Study Based on the Legal Scale Quinn & Toyoda 2008)
Keywords:
Financial liberalization, economic growth, Quinn & Toyoda(2008), ARDL.Abstract
This study aimed to identify the level of financial liberalization and examine its impact on economic growth in Syria during the period (2000-2014), based on quarterly data.
To test this impact, the economic growth rate was measured by the real GDP growth rate, while financial liberalization was measured using the Quinn & Toyoda (2008) measure to express de jure external financial liberalization, and foreign direct investment (FDI) as a percentage of GDP to express quantitative external financial liberalization. Quantitative measures such as the growth rate of the money supply and gross domestic savings as a percentage of GDP were also used to measure quantitative internal financial liberalization (de facto).
Results using ARDL and cointegration analysis showed no statistically significant impact of external financial liberalization according to the Quinn & Toyoda (2008) de jure measure to economic growth, nor did they show any significant impact on quantitative internal financial liberalization Measured by (money supply and total savings) However, FDI had a positive impact during the period under study.
