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dc.contributor.authorGraff, Michaelen
dc.date.accessioned2011-11-01T13:38:28Z-
dc.date.available2011-11-01T13:38:28Z-
dc.date.issued2005-
dc.identifier.pidoi:10.3929/ethz-a-005104837en
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
dc.language.isoengen
dc.publisher|aETH Zurich, KOF Swiss Economic Institute |cZurichen
dc.relation.ispartofseries|aKOF Working Papers |x106en
dc.subject.jelO11en
dc.subject.jelP17en
dc.subject.jelC11en
dc.subject.ddc330en
dc.subject.keywordOptimum financial activityen
dc.subject.keywordBayesian statisticsen
dc.subject.keywordbootstrappingen
dc.subject.stwFinanzsektoren
dc.subject.stwEntwicklungen
dc.subject.stwWirtschaftswachstumen
dc.subject.stwBayes-Statistiken
dc.subject.stwBootstrap-Verfahrenen
dc.titleIs there an optimum level of financial activity?-
dc.typeWorking Paperen
dc.identifier.ppn504233017en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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