Luintel, Kul  ORCID: https://orcid.org/0000-0001-7430-3926, Khan, Mosahid, Arestis, Philip and Theodoridis, Konstantinos ORCID: https://orcid.org/0000-0002-4039-3895
2008.
Financial structure and economic growth.
Journal of Development Economics
86
(1)
, pp. 181-200.
10.1016/j.jdeveco.2007.11.006
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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 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.
| Item Type: | Article |
|---|---|
| Date Type: | Publication |
| Status: | Published |
| Schools: | Schools > Business (Including Economics) |
| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HF Commerce H Social Sciences > HG Finance H Social Sciences > HJ Public Finance |
| Uncontrolled Keywords: | Financial structure; Economic growth; Co-integration; Bootstrap; Dynamic heterogeneous panels |
| Publisher: | Elsevier |
| ISSN: | 0304-3878 |
| Date of First Compliant Deposit: | 16 October 2018 |
| Last Modified: | 25 Nov 2024 16:00 |
| URI: | https://orca.cardiff.ac.uk/id/eprint/18398 |
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