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Financial structure and economic growth

Luintel, Kul, Khan, Mosahid, Arestis, Philip and Theodoridis, Konstantinos 2008. Financial structure and economic growth. [Working Paper]. Cardiff Economics Working Papers, Cardiff: Cardiff University.

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Abstract

Recent empirical work on financial structure and economic growth analyzes multi-country dataset in panel and/or cross-section frameworks and conclude 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.

Item Type: Monograph (Working Paper)
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > HB Economic Theory
Publisher: Cardiff University
Date of First Compliant Deposit: 30 March 2016
Last Modified: 04 Jun 2017 08:25
URI: http://orca.cardiff.ac.uk/id/eprint/77780

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