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Publisher: Cardiff University
Languages: English
Types: Book
Subjects: HB
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.
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    • Phillips, P. C. B. and Hansen, B. E. (1990), “Statistical Inference in Instrumental Variable Regression with I(1) Processes”, Review of Economics Studies, 57(1), 99- 125.
    • Quah, D. (1993), “Empirical Cross-Section Dynamics in Economic Growth”, European Economic Review, 37, 426-434.
    • Rajan, R.G. and Zingales, L. (1998), “Financial Dependence and Growth”, American Economic Review, 88, 559-586.
    • Singh, A. (1997), “Stock Markets, Financial Liberalisation and Economic Development”, Economic Journal, 107, 771-782.
    • Stiglitz, J.E. (1985), “Credit Markets and the Control of Capital”, Journal of Money, Credit, and Banking, 17(1), 133-152.
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