Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/74794 
Erscheinungsjahr: 
2013
Schriftenreihe/Nr.: 
cege Discussion Papers No. 156
Verlag: 
University of Göttingen, Center for European, Governance and Economic Development Research (cege), Göttingen
Zusammenfassung: 
Noting that 'one size does not fit all' in the case of the finance-growth (FG) nexus, a growing body of literature has recently focused on uncovering economic conditions under which financial development could be beneficial (detrimental) to economic development. We look into these conditions by means of a flexible semiparametric approach which allows the long-run FG nexus to depend on measurable economic states. Using annual data for 74 economies spanning the period 1975-2005, we find that the level of financial development shows a strong positive impact on the FG nexus. Moreover, although the impact of finance on growth is generally higher in high-income economies, allowing for intra-group variations reveals scenarios where the impact could be higher in low-income economies. However, the FG link could also be negative if low- and lower-middle-income economies have very large governments or are extremely open to international trade.
Schlagwörter: 
finance-growth nexus
financial development
economic growth
functional coefficient model
JEL: 
C14
C33
O16
G28
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
779.73 kB





Publikationen in EconStor sind urheberrechtlich geschützt.