Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/83395
Authors: 
Valíčková, Petra
Havránek, Tomáš
Horváth, Roman
Year of Publication: 
2013
Series/Report no.: 
IES Working Paper 04/2013
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
Document Type: 
Working Paper
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