Abstract
The paper investigates the relationship between financial development, financial innovation, and economic growth using a panel data analysis. The sample covers fifteen countries for the period of 2003-2016. Financial development has been considered as a composite variable consisting of four components: financial access, financial depth, financial efficiency, and financial stability. The distinguishing feature of the paper is that it includes financial innovation as another component of financial development in addition to the cited four. We find statistically significant and positive relationship between financial innovation and economic growth (The higher the number of financial innovation, the higher the rate of economic growth). The paper concludes that both financial development and financial innovation have significant impact on economic growth.
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