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dc.contributor.authorGraff, Michaelen
dc.contributor.authorKarmann, Alexanderen
dc.date.accessioned2011-07-13T10:44:31Z-
dc.date.available2011-07-13T10:44:31Z-
dc.date.issued2003-
dc.identifier.urihttp://hdl.handle.net/10419/48136-
dc.description.abstractAn endogenous growth model with a financial sector is formulated, and empirical analyses are conducted. The model exhibits structural shifts and breaks caused by institutional change, suggesting that a linear approach is inadequate. To address this point empirically, we fit data for 90 countries from 1960-2000 to a standard growth equation with a proxy for financial activity. Firstly, it is shown that a growth enhancing outcome of financial activity is contingent on a sound institutional framework. Then, we order the sample by control variables which follow from the model as potential causes of breaks in the adjustment process. Threshold regressions reveal non-linearity that is consistent with the model. Most importantly, we find signs for excessive financial activity.en
dc.language.isoengen
dc.publisher|aTechnische Universität Dresden, Fakultät Wirtschaftswissenschaften |cDresdenen
dc.relation.ispartofseries|aDresden Discussion Paper Series in Economics |x15/03en
dc.subject.jelO16en
dc.subject.jelO42en
dc.subject.jelO57en
dc.subject.ddc330en
dc.subject.keywordFinancial Developmenten
dc.subject.keywordEndogenous Growthen
dc.subject.keywordInstitutionsen
dc.subject.keywordNon-linearitiesen
dc.subject.stwFinanzsektoren
dc.subject.stwEntwicklungen
dc.subject.stwInstitutionalismusen
dc.subject.stwNeue Wachstumstheorieen
dc.subject.stwSchätzungen
dc.subject.stwTheorieen
dc.subject.stwWelten
dc.titleWhat determines the finance-growth nexus? An endogenous growth model and empirical evidence-
dc.typeWorking Paperen
dc.identifier.ppn82219578Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:tuddps:1503en

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