'FINANCE AND GROWTH' RE-VISITED
| Autor: | Steven Ongena, Lizethe Berenice Méndez-Heras |
|---|---|
| Přispěvatelé: | University of Zurich |
| Jazyk: | angličtina |
| Předmět: |
Finance
050208 finance financial development business.industry 05 social sciences Financial structure financial structure Financial development economic growth 10003 Department of Banking and Finance 330 Economics Test (assessment) 0502 economics and business lcsh:Finance lcsh:HG1-9999 Economics 050207 economics business General Economics Econometrics and Finance |
| Zdroj: | Journal of Financial Management, Markets and Institutions Journal of Financial Management, Markets and Institutions, Vol 8, Iss 1, Pp 2050001-1-2050001-28 (2020) |
| ISSN: | 2282-717X |
| DOI: | 10.1142/s2282717x20500012 |
| Popis: | We test whether the relationship between finance and growth is present in 48 countries over 20 different periods of an equal length of 15 years, starting in 1980 (to 1995) and ending in 1999 (to 2014). We estimate growth regressions using an IV approach and we find that (1) overall financial development had a positive effect on economic growth for almost all our studied periods, (2) the legal system is the primary determinant of the effectiveness of the overall financial system, and (3) financial services were relevant for economic growth even during the financial crisis of 2008. This research is part of a research agenda revisiting the finance–growth nexus using up-to-date empirical methodologies. |
| Databáze: | OpenAIRE |
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