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Is the Financial Development and Economic Growth Relationship Nonlinear?

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Author Info
Elena Ketteni () (University of Cyprus)
Theofanis Mamuneas () (University of Cyprus)
Andreas Savvides () (Oklahoma State University)
Thanasis Stengos () (University of Guelph)

Additional information is available for the following registered author(s):

Abstract

Using nonparametric estimation techniques we find that, in contrast to recent research, the finance-growth relationship is linear when the previously documented nonlinearity between initial per capita income, human capital and economic growth is taken into account.

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File URL: http://economicsbulletin.vanderbilt.edu/2007/volume15/EB-07O10010A.pdf
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Publisher Info
Article provided by Economics Bulletin in its journal Economics Bulletin.

Volume (Year): 15 (2007)
Issue (Month): 14 ()
Pages: 1-12
Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Handle: RePEc:ebl:ecbull:v:15:y:2007:i:14:p:1-12

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Related research
Keywords: Cross Country Growth Regressions Financial Development Semiparametric Additive Linear Model.

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Find related papers by JEL classification:
O1 - Economic Development, Technological Change, and Growth - - Economic Development
C4 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics

References listed on IDEAS
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  1. Felix Rioja & Neven Valev, 2004. "Finance and the Sources of Growth at Various Stages of Economic Development," Economic Inquiry, Oxford University Press, vol. 42(1), pages 127-140, January. [Downloadable!] (restricted)
    Other versions:
  2. Kalaitzidakis, P. & Mamuneas, T.P. & Savvides, A. & Stengos, T., 2000. "Measures of Human Capital and Nonlinearities in Economic Growth," Working Papers 2000-5, University of Guelph, Department of Economics.
    Other versions:
  3. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Blackwell Publishing, vol. 58(2), pages 277-97, April. [Downloadable!] (restricted)
  4. J. Fan & W. H"Ardle & E. Mammen, . "Direct estimation of low dimensional components in additive models," Sonderforschungsbereich 373 1996-17, Humboldt Universitaet Berlin.
  5. Fan, Y. & Li, Q. & Stengos, T., 1992. "Root-Consistent Semiparametric Regression with Conditionally Heteroskedastic Disturbances," Working Papers 1992-17, University of Guelph, Department of Economics.
  6. Mamuneas, T.P. & Savvides, A. & Stengos, T., 2002. "Economic Development and the Return to Human Capital: A Smooth Coefficient Semiparametric Approach," Working Papers 2002-14, University of Guelph, Department of Economics. [Downloadable!]
    Other versions:
  7. Adonis Yatchew, 1998. "Nonparametric Regression Techniques in Economics," Journal of Economic Literature, American Economic Association, vol. 36(2), pages 669-721, June. [Downloadable!] (restricted)
  8. Liu, Zhenjuan & Stengos, Thanasis, 1999. "Non-linearities in Cross-Country Growth Regressions: A Semiparametric Approach," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 14(5), pages 527-38, Sept.-Oct. [Downloadable!]
  9. Deidda, Luca & Fattouh, Bassam, 2002. "Non-linearity between finance and growth," Economics Letters, Elsevier, vol. 74(3), pages 339-345, February. [Downloadable!] (restricted)
    Other versions:
  10. Rioja, Felix & Valev, Neven, 2004. "Does one size fit all?: a reexamination of the finance and growth relationship," Journal of Development Economics, Elsevier, vol. 74(2), pages 429-447, August. [Downloadable!] (restricted)
  11. repec:att:wimass:199419r is not listed on IDEAS
  12. Quah, Danny T., 1996. "Empirics for economic growth and convergence," European Economic Review, Elsevier, vol. 40(6), pages 1353-1375, June. [Downloadable!] (restricted)
  13. King, Robert G & Levine, Ross, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 717-37, August. [Downloadable!] (restricted)
    Other versions:
  14. Benhabib, Jess & Spiegel, Mark M, 2000. " The Role of Financial Development in Growth and Investment," Journal of Economic Growth, Springer, vol. 5(4), pages 341-60, December. [Downloadable!] (restricted)
  15. W. H"Ardle & O. Linton, . "Nonparametric Regression," Sonderforschungsbereich 373 1995-29, Humboldt Universitaet Berlin.
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