Thresholds in Financial Development and Economic Growth
AbstractThe purpose of this paper is to assess the existence of threshold effects in economic growth, linked to the development of the banking sector. We, first, discuss the possibility of multiple steady state equilibria doe to reciprocal externalities between the banking sector and the real sector. To check the existence of multiple steady states, associated with both financial development and educational development, we perform stability tests on a 'Barro-type' conditional [beta]-convergence equation. Optimal splits of our ninety-one-country sample are then estimated through a maximum likelihood method. We thus define 'convergence clubs', characterized by educational and banking sector development indicators, which exhibit specific behavior as regards the factors determining long-run growth. Copyright 1995 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Bibliographic InfoArticle provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.
Volume (Year): 63 (1995)
Issue (Month): 0 (Suppl.)
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Postal: Manchester M13 9PL
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Web page: http://www.socialsciences.manchester.ac.uk/disciplines/economics/
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- Kar, Muhsin & NazlIoglu, Saban & AgIr, Hüseyin, 2011. "Financial development and economic growth nexus in the MENA countries: Bootstrap panel granger causality analysis," Economic Modelling, Elsevier, vol. 28(1-2), pages 685-693, January.
- repec:dgr:uvatin:2099028 is not listed on IDEAS
- Bacha, Obiyathulla I., 1997. "The Asian Currency Crisis - A Fait Accompli?," MPRA Paper 12756, University Library of Munich, Germany.
- Joseph F. Francois & Lutger Schuknecht, 1999. "Trade in Financial Services: Procompetitive Effects and Growth Performance," Tinbergen Institute Discussion Papers 99-028/2, Tinbergen Institute.
- Joseph F. Francois & Lutger Schuknecht, 1999.
"Trade in Financial Services: Procompetitive Effects and Growth Performance,"
Tinbergen Institute Discussion Papers
99-028/2, Tinbergen Institute.
- Francois, Joseph & Schuknecht, Ludger, 1999. "Trade in Financial Services: Procompetitive Effects and Growth Performance," CEPR Discussion Papers 2144, C.E.P.R. Discussion Papers.
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