Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/79241 
Year of Publication: 
2013
Series/Report no.: 
IOS Working Papers No. 331
Publisher: 
Institut für Ost- und Südosteuropaforschung (IOS), Regensburg
Abstract: 
We analyze 1334 estimates from 67 studies that examine the effect of financial development on economic growth. Taken together, the studies imply a positive and statistically significant effect, but individual estimates vary a lot. We find that both research design and heterogeneity in the underlying effect play a role in explaining the differences in results. Studies that do not address endogeneity tend to overstate the effect of finance on growth. While the effect seems to be weaker in poor countries, the effect decreases worldwide after the 1980s. Our results suggest that stock markets support faster economic growth than other financial intermediaries. We find no evidence of publication bias in the literature.
Subjects: 
finance
development
growth
meta-analysis
JEL: 
C83
G10
O40
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.