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Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 3752
Verlag: 
Institute for the Study of Labor (IZA), Bonn
Zusammenfassung: 
This paper investigates the effects of financial development and political instability on economic growth in a power-ARCH framework with data for Argentina from 1896 to 2000. Our findings suggest that (i) informal or unanticipated political instability (e.g., guerrilla warfare) has a direct negative impact on growth; (ii) formal or anticipated instability (e.g., cabinet changes) has an indirect (through volatility) impact on growth; (iii) the effect of financial development is positive and, surprisingly, not via volatility; (iv) the informal instability effects are much larger in the short- than in the long-run; and (v) the impact of financial development on economic growth is negative in the short- but positive in the long-run.
Schlagwörter: 
Economic growth
financial development
volatility
political instability
power-ARCH
JEL: 
C14
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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