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dc.contributor.authorGraff, Michaelen_US
dc.date.accessioned2011-11-01T13:38:28Z-
dc.date.available2011-11-01T13:38:28Z-
dc.date.issued2005en_US
dc.identifier.pidoi:10.3929/ethz-a-005104837en_US
dc.identifier.urihttp://hdl.handle.net/10419/50893-
dc.description.abstractThis 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.en_US
dc.language.isoengen_US
dc.publisherKOF Zürichen_US
dc.relation.ispartofseriesArbeitspapiere // Konjunkturforschungsstelle, Eidgenössische Technische Hochschule Zürich 106en_US
dc.subject.jelO11en_US
dc.subject.jelP17en_US
dc.subject.jelC11en_US
dc.subject.ddc330en_US
dc.subject.keywordOptimum financial activityen_US
dc.subject.keywordBayesian statisticsen_US
dc.subject.keywordbootstrappingen_US
dc.subject.stwFinanzsektoren_US
dc.subject.stwEntwicklungen_US
dc.subject.stwWirtschaftswachstumen_US
dc.subject.stwBayes-Statistiken_US
dc.subject.stwBootstrap-Verfahrenen_US
dc.titleIs there an optimum level of financial activity?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn504233017en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:KOF Working Papers, KOF Konjunkturforschungsstelle, ETH Zürich

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