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Autor:innen: 
Erscheinungsjahr: 
2005
Schriftenreihe/Nr.: 
KOF Working Papers No. 106
Verlag: 
ETH Zurich, KOF Swiss Economic Institute, Zurich
Zusammenfassung: 
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.
Schlagwörter: 
Optimum financial activity
Bayesian statistics
bootstrapping
JEL: 
O11
P17
C11
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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