@techreport{Graff2005there,
abstract = {This paper addresses the notion of an optimum level of financial activity that is contingent on a country's general level of development. Referring to threshold regressions and a bootstrap test for structural shift of the finance regressor in a growth equation, it is shown that countries gain less from a given level of financial activity, if the latter fails to keep up with or exceeds what would follow from a balanced expansion path. The paper contributes to the literature on the finance-growth nexus in providing empirical support for the notion of balanced financial development with a development specific optimum level of financial activity.},
address = {Z\"{u}rich},
author = {Michael Graff},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
doi = {10.3929/ethz-a-005104837},
keywords = {O11; P17; C11; 330; Optimum financial activity; Bayesian statistics; bootstrapping; Finanzsektor; Entwicklung; Wirtschaftswachstum; Bayes-Statistik; Bootstrap-Verfahren},
language = {eng},
number = {106},
publisher = {KOF},
title = {Is there an optimum level of financial activity?},
type = {Arbeitspapiere // Konjunkturforschungsstelle, Eidgen\"{o}ssische Technische Hochschule Z\"{u}rich},
url = {http://hdl.handle.net/10419/50893},
year = {2005}
}
