This paper examines the nature of links between the intensity of financial intermediation and economic performance that operated in the United States, the United Kingdom, Canada, Norway, and Sweden over the 1870-1929 period. After describing the coevolution of the financial and real sectors in these countries, vector error correction models (VECMs) establish the quantitative importance of long-run relationships among measures of financial intensity and real per capita levels of output and the monetary base. Granger causality tests then suggest a leading role for the intermediation variables in real sector activity, while feedback effects are largely insignificant. The results suggest an important role for intermediation in the rapid industrial transformations of all five counries.
Download Info
To our knowledge, this item is not available for
download. To find whether it is available, there are three
options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page
whether it is in fact available.
3. Perform a search for a similarly titled item that would be
available.
Volume (Year): 30 (1998) Issue (Month): 4 (November) Pages: 657-78 Download reference. The following formats are available: HTML
(with abstract),
plain text
(with abstract),
BibTeX,
RIS (EndNote, RefMan, ProCite),
ReDIF
For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).
Related research
Keywords:
Other versions of this item:
Cited by: (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.) This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page.