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Finance and economic growth: the case of Sweden 1834-1991

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  • HANSSON, PONTUS
  • JONUNG, LARS

Abstract

This study examines the long-run relationship between finance and economic growth in Sweden from the 1830s until the 1990s using recently developed econometric techniques for tests of cointegration. The role of investment, education and technological progress (patents) is accounted for as well in order to assess the relative importance of the development of the financial system for growth performance. A fairly unique set of long-run data is employed. To our knowledge, no tests of this kind have been reported previously, at least not for the European experience. The estimated contribution of the financial system to economic growth is shown to depend crucially on the time period studied and the variables included in the analysis.

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Bibliographic Info

Article provided by Elsevier in its journal Research in Economics.

Volume (Year): 51 (1997)
Issue (Month): 3 (September)
Pages: 275-301

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Handle: RePEc:eee:reecon:v:51:y:1997:i:3:p:275-301

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Web page: http://www.elsevier.com/locate/inca/622941

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  1. Robert J. Barro & Paul M. Romer, 1991. "Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number barr91-1, July.
    • Robert J. Barro & Paul Romer, 1993. "Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number barr93-1, July.
  2. Pablo Emilio Guidotti & Jose De Gregorio, 1992. "Financial Development and Economic Growth," IMF Working Papers 92/101, International Monetary Fund.
  3. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
  4. Sandberg, Lars G., 1978. "Banking and Economic Growth in Sweden before World War I," The Journal of Economic History, Cambridge University Press, vol. 38(03), pages 650-680, September.
  5. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
  6. Levine, Ross, 1996. "Financial development and economic growth : views and agenda," Policy Research Working Paper Series 1678, The World Bank.
  7. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
  8. Peter C.B. Phillips & Pierre Perron, 1986. "Testing for a Unit Root in Time Series Regression," Cowles Foundation Discussion Papers 795R, Cowles Foundation for Research in Economics, Yale University, revised Sep 1987.
  9. Henrekson, Magnus & Jonung, Lars & Stymne, Joakim, 1994. "Economic Growth and the Swedish Model," Working Paper Series in Economics and Finance 19, Stockholm School of Economics.
  10. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
  11. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
  12. A. Galetovic, 1996. "Finance and growth: a synthesis and interpretation of the evidence," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 49(196), pages 59-82.
  13. King, Robert G. & Levine, Ross, 1993. "Finance, entrepreneurship and growth: Theory and evidence," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 513-542, December.
  14. A. Galetovic, 1996. "Finance and growth: a synthesis and interpretation of the evidence," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 49(196), pages 59-82.
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Cited by:
  1. Thorsten Beck & Ross Levine & Norman Loayza, 1999. "Financial Intermediation and Growth: Causality and Causes," Working Papers Central Bank of Chile 56, Central Bank of Chile.
  2. Ross Levine, 1997. "Napoleon, Bourses, and Growth in Latin America," Research Department Publications 4106, Inter-American Development Bank, Research Department.
  3. Ross Levine, 1997. "Napoleón, bolsas y crecimiento en América Latina," Research Department Publications 4107, Inter-American Development Bank, Research Department.
  4. Ensar Yilmaz & Ozgur Kayalica, 2003. "Finance and Growth in Turkey: Casuality Issue," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 6(24), pages 33-48.
  5. Raza, Muhammad Wajid & Mohsin, Hasan M, 2011. "Financial liberalization and macroeconomic performance, empirical evidence from selected Asian countries," MPRA Paper 34559, University Library of Munich, Germany, revised 12 Oct 2011.
  6. Prof. Dr. Hatice Dogukanli & Songül Kakilli Acaravci & Serkan Yilmaz Kandir, 2003. "Examining Systematic and Nonsystematic Risks of the ISE Financial Sector Companies," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 6(24), pages 1-14.
  7. Atilla Odabasi, 2003. "An Investigation of Beta Instability in the Istanbul Stock Exchange," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 6(24), pages 15-32.

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