Finance-Led Growth in the OECD since the Nineteenth Century: How Does Financial Development Transmit to Growth?

• 成果类型: Article
• 署名作者: Madsen, Jakob B.; Ang, James B.
• 署名单位: Monash University; Nanyang Technological University
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00513
• 发表日期: 2016-07
• 页码: 552-572
• 关键词: research-and-development; human-capital accumulation; ECONOMIC-GROWTH; development spillovers; borrowing constraints; schumpeterian growth; credit constraints; endogenous growth; stock markets; INVESTMENT

摘要

It is well established in the literature that financial development (FD) is conducive to growth, and yet the channels through which FD affects growth are not well understood. Using a unique new panel data set for 21 OECD countries over the past 140 years, this paper examines the extent to which FD transmits to growth through ideas production, savings, fixed investment, and schooling. Unionization and agricultural share are used as instruments for FD. The empirical results show that FD influences growth through all four channels. In particular, ideas production is found to be the most important channel through which FD affects growth.