Financial structure and economic growth

• 成果类型: Article
• 署名作者: Luintel, Kul B.; Khan, Mosahid; Arestis, Philip; Theodoridis, Konstantinos
• 署名单位: Cardiff University; University of Cambridge
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/j.jdeveco.2007.11.006
• 发表日期: 2008
• 页码: 181-200
• 关键词: financial structure; Economic growth; co-integration; bootstrap; dynamic heterogeneous panels

摘要

Recent empirical work on financial structure and economic growth analyzes multi-country dataset in panel and/or cross-section frameworks and concludes that financial structure is irrelevant. We highlight their shortcomings and re-examine this issue utilizing a time series and a Dynamic Heterogeneous Panel methods. Our sample consists of fourteen countries. Tests reveal that cross-country data cannot be pooled. Financial structure significantly explains output levels in most countries. The results are rigorously scrutinized through bootstrap exercises and they are robust to extensive sensitivity tests. We also test for several hypotheses about the prospective role of financial structure and financial development on economic growth. (C) 2007 Elsevier B.V. All rights reserved.