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dc.contributor.authorGraff, Michaelen_US
dc.contributor.authorKarmann, Alexanderen_US
dc.date.accessioned2011-07-13T10:44:31Z-
dc.date.available2011-07-13T10:44:31Z-
dc.date.issued2003en_US
dc.identifier.urihttp://hdl.handle.net/10419/48136-
dc.description.abstractAn endogenous growth model with a financial sector is formulated, and empirical analyses are conducted. The model exhibits structural shifts and breaks caused by institutional change, suggesting that a linear approach is inadequate. To address this point empirically, we fit data for 90 countries from 1960–2000 to a standard growth equation with a proxy for financial activity. Firstly, it is shown that a growth enhancing outcome of financial activity is contingent on a sound institutional framework. Then, we order the sample by control variables which follow from the model as potential causes of breaks in the adjustment process. Threshold regressions reveal non-linearity that is consistent with the model. Most importantly, we find signs for excessive financial activity.en_US
dc.language.isoengen_US
dc.publisherTechn. Univ., Fak. Wirtschaftswiss. Dresdenen_US
dc.relation.ispartofseriesDresden discussion paper in economics 15/03en_US
dc.subject.jelO16en_US
dc.subject.jelO42en_US
dc.subject.jelO57en_US
dc.subject.ddc330en_US
dc.subject.keywordFinancial Developmenten_US
dc.subject.keywordEndogenous Growthen_US
dc.subject.keywordInstitutionsen_US
dc.subject.keywordNon-linearitiesen_US
dc.subject.stwFinanzsektoren_US
dc.subject.stwEntwicklungen_US
dc.subject.stwInstitutionalismusen_US
dc.subject.stwNeue Wachstumstheorieen_US
dc.subject.stwSchätzungen_US
dc.subject.stwTheorieen_US
dc.subject.stwWelten_US
dc.titleWhat determines the finance-growth nexus? An endogenous growth model and empirical evidenceen_US
dc.typeWorking Paperen_US
dc.identifier.ppn374131155en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:tuddps:1503-
Appears in Collections:Dresden Discussion Paper Series in Economics, Faculty of Business and Economics, TU Dresden

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