Role of equity and corporate bond financing in US economic growth
AbstractThis paper re-examines the role of equity and corporate bond financing in spurring US economic growth. Annual data from 1960 through 2008 are utilised. The variables in levels are non-stationary with different orders of integration. Thus, the Autoregressive Distributed Lag (ARDL) procedure is applied for cointegration. The estimates of the Vector Error-Correction Model (VECM) unveil a robust long-run causal flow from the dual channels of financing to US economic growth. The short-run interactive effects are weakly positive.
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Bibliographic InfoArticle provided by Inderscience Enterprises Ltd in its journal Int. J. of Trade and Global Markets.
Volume (Year): 4 (2011)
Issue (Month): 1 ()
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Web page: http://www.inderscience.com/browse/index.php?journalID=130
equity; corporate bond financing; cointegration; USA; United States; economic growth.;
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