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The Impact of Banking and Fiscal Policies on State-Level Economic Growth

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  • Burton A. Abrams
  • Margaret Z. Clarke
  • Russell F. Settle

Abstract

This paper investigates the hypothesis that economic growth is affected by banking structure and fiscal policies. We use data from the 48 contiguous states for the period 1950–1980 aggregated into six five-year time periods, primarily to test the effect of the following factors on growth of state per capita income: (i) restrictions over branch banking, (ii) restrictions over multibank holding companies, (iii) the depth of financial assets in a state, (iv) the financial-intermediary mix, (v) the size of state government, and (vi) the methods of financing state government. We find no support for the hypotheses that branch banking or multibank holding company restrictions affect growth. However, financial depth and the mix of financial intermediaries are strongly correlated with economic growth. Finally, the state fiscal policy variables had no significant effect on income growth.

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Bibliographic Info

Article provided by Southern Economic Association in its journal Southern Economic Journal.

Volume (Year): 66 (1999)
Issue (Month): 2 (October)
Pages: 367-378

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Handle: RePEc:sej:ancoec:v:66:2:y:1999:p:367-378

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Web page: http://www.southerneconomic.org/
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Cited by:
  1. Mitchener, Kris James & Wheelock, David C., 2013. "Does the structure of banking markets affect economic growth? Evidence from U.S. state banking markets," Explorations in Economic History, Elsevier, Elsevier, vol. 50(2), pages 161-178.
  2. Maria Abreu & Henri L.F. de Groot & Raymond J.G.M. Florax, 2005. "A Meta-Analysis of Beta-Convergence: The Legendary Two-Percent," Tinbergen Institute Discussion Papers, Tinbergen Institute 05-001/3, Tinbergen Institute.
  3. Maria Abreu & Henri L.F. de Groot & Raymond J.G.M. Florax, 2005. "A Meta-Analysis of Beta-Convergence: The Legendary Two-Percent," Tinbergen Institute Discussion Papers, Tinbergen Institute 05-001/3, Tinbergen Institute.
  4. Burton A. Abrams & Margaret Z. Clarke & Russell F. Settle, 2003. "Do Banks Matter? A Credit View Model for Small Open Economies," Working Papers, University of Delaware, Department of Economics 03-13, University of Delaware, Department of Economics.
  5. Freeman, Donald G., 2002. "Did state bank branching deregulation produce large growth effects?," Economics Letters, Elsevier, Elsevier, vol. 75(3), pages 383-389, May.
  6. Adelaja, Adesoji O. & Hailu, Yohannes G. & Abdulla, Majd, 2009. "New Economy Growth Decomposition in the U.S," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin, Agricultural and Applied Economics Association 49579, Agricultural and Applied Economics Association.
  7. Garrett, Thomas A. & Wheelock, David C., 2006. "Why Did Income Growth Vary Across States During the Great Depression?," The Journal of Economic History, Cambridge University Press, Cambridge University Press, vol. 66(02), pages 456-466, June.
  8. Paul W. Bauer & Mark E. Schweitzer & Scott Shane, 2006. "State growth empirics: the long-run determinants of state income growth," Working Paper, Federal Reserve Bank of Cleveland 0606, Federal Reserve Bank of Cleveland.

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