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Does Financial Development Affect Growth?


Saci, Karima; Giorgioni, Gianluigi; Holden, Kenneth


Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-240199

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Abstract This paper contributes to the literature on the relationship between financial development and economic growth in three ways: it utilises recently developed techniques for generalised methods of moments (GMM) one-step estimation with dynamic panel models, it focuses exclusively on a sample of developing countries and it uses as proxies for financial development variables which capture both banking sector and stock market effects. The results provide evidence, based on a panel of annual data for thirty developing countries, that while the stock market variables are positively and significantly related to growth, their presence results in the standard banking sector variables, credit to the private sector and liquid liabilities, having negative effects on growth.
Sprache Dokument Englisch
Publikationsjahr 2009
Seitenangabe S. 1701-1707
Zeitschriftentitel Applied Economics, 41 (2009) 13
DOI http://dx.doi.org/10.1080/00036840701335538
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)