The Level of Economic Development and the Impact of Financial Structure on Economic Growth: Evidence from Dynamic Panel Data Analysis
AbstractThe objective of this paper is to examine the impact of financial structure on economic growth and also to investigate whether the impacts are different between countries with difference levels of income; low- and middle-income countries, and high-income countries. This paper uses a panel data approach and include 44 countries. The Generalised Method of Moments (GMM) system approach has been used in estimation process. The findings from the estimation suggest that to have more developed stock markets relative to the banking sector will promote better growth in high-income countries but not in the low- and middle-income countries. This paper also finds strong evidence that the effect of financial structure on investment depends on the level of income of the country.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Penerbit Universiti Sains Malaysia in its journal Asian Academy of Management Journal of Accounting and Finance.
Volume (Year): 3 (2007)
Issue (Month): 2 ()
financial structure; economic growth; panel data;
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Journal Division).
If references are entirely missing, you can add them using this form.