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Growth and Finance: What Do We Know and How Do We Know It?

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Author Info
Wachtel, Paul
Abstract

The role of financial sector development in economic growth has become a major topic of empirical research in just the last ten years. A standard approach to explaining growth has emerged and the literature has examined the role of the aggregate amount of financial intermediation, bank lending and the influence of equity market development. More recently, the literature has examined aspects of institutional development and infrastructure on growth. Despite the econometric difficulties encountered, there is an emerging consensus about the role of the financial sector in growth. Panel data sets have produced impressive results but they are often fragile. Estimates with recently developed dynamic panel techniques have provided additional evidence. This paper summarizes the consensus and discusses the techniques that have been used and the problems encountered. Copyright 2001 by Blackwell Publishers Ltd.

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Article provided by Blackwell Publishing in its journal International Finance.

Volume (Year): 4 (2001)
Issue (Month): 3 (Winter)
Pages: 335-62
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Handle: RePEc:bla:intfin:v:4:y:2001:i:3:p:335-62

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  1. Bonin, John & Wachtel, Paul, 2002. "Financial sector development in transition economies: Lessons from the first decade," BOFIT Discussion Papers 9/2002, Bank of Finland, Institute for Economies in Transition. [Downloadable!]
  2. Florian Pelgrin & Sebastian Schich, 2002. "Panel Cointegration Analysis of the Finance-Investment Link in OECD Countries," Documents de Travail de l'OFCE 2002-02, Observatoire Francais des Conjonctures Economiques (OFCE). [Downloadable!]
  3. Rishi Goyal & A. Mushfiq Mobarak & Susan Creane & Randa Sab, 2004. "Financial Sector Development in the Middle East and North Africa," IMF Working Papers 04/201, International Monetary Fund. [Downloadable!]
  4. Wendy Carlin & Colin Mayer, 1999. "Finance, Investment and Growth," OFRC Working Papers Series 1999fe09, Oxford Financial Research Centre. [Downloadable!]
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  5. Karin Jõeveer & Peter Tóth, 2006. "Does the Introduction of the Euro affect the Debt-Equity Choice?," Keele Economics Research Papers KERP 2006/22, Centre for Economic Research, Keele University. [Downloadable!]
  6. Hasan, Iftekhar & Wachtel , Paul & Zhou, Mingming, 2006. "Institutional development, financial deepening and economic growth: Evidence from China," BOFIT Discussion Papers 12/2006, Bank of Finland, Institute for Economies in Transition. [Downloadable!]
  7. Hasan, Zubair, 2008. "Credit creation and control: an unresolved issue in Islamic banking," MPRA Paper 8130, University Library of Munich, Germany, revised 07 Apr 2008. [Downloadable!]
  8. Friedrich Fritzer, 2004. "Financial Market Structure and Economic Growth: A Cross-Country Perspective," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 72-87, July. [Downloadable!]
  9. Koivu, Tuuli, 2002. "Do efficient banking sectors accelerate economic growth in transition countries," BOFIT Discussion Papers 14/2002, Bank of Finland, Institute for Economies in Transition. [Downloadable!]
  10. Iris Claus & Veronica Jacobsen & Brock Jera, 2004. "Financial Systems and Economic Growth: An Evaluation Framework for Policy," Treasury Working Paper Series 04/17, New Zealand Treasury. [Downloadable!]
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