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Finance and Economic Growth. The Case of Sweden 1834-1991

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Author Info

  • Hansson, Pontus

    (Department of Economics)

  • Jonung, Lars

    ()
    (Department of Economics)

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

Paper provided by Stockholm School of Economics in its series Working Paper Series in Economics and Finance with number 176.

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Length: 27 pages
Date of creation: Jun 1997
Date of revision:
Handle: RePEc:hhs:hastef:0176

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Postal: The Economic Research Institute, Stockholm School of Economics, P.O. Box 6501, 113 83 Stockholm, Sweden
Phone: +46-(0)8-736 90 00
Fax: +46-(0)8-31 01 57
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Web page: http://www.hhs.se/
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Keywords: Financial development; economic growth; cointegration; Sweden;

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References

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  1. 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.
  2. Levine, Ross, 1996. "Financial development and economic growth : views and agenda," Policy Research Working Paper Series 1678, The World Bank.
  3. Robert J. Barro & Paul Romer, 1993. "Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number barr93-1, June.
    • Robert J. Barro & Paul M. Romer, 1991. "Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number barr91-1, June.
  4. Henrekson, Magnus & Jonung, Lars & Stymne, Joakim, 1994. "Economic Growth and the Swedish Model," CEPR Discussion Papers 901, C.E.P.R. Discussion Papers.
  5. 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.
  6. Phillips, P.C.B., 1986. "Testing for a Unit Root in Time Series Regression," Cahiers de recherche 8633, Universite de Montreal, Departement de sciences economiques.
  7. 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.
  8. De Gregorio, Jose & Guidotti, Pablo E., 1995. "Financial development and economic growth," World Development, Elsevier, vol. 23(3), pages 433-448, March.
  9. repec:fth:wobaco:1083 is not listed on IDEAS
  10. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
  11. 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.
  12. King, Robert G & Levine, Ross, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 717-37, August.
  13. 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.
  14. 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.
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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," IDB Publications 6806, Inter-American Development Bank.
  3. 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.
  4. Ross Levine, 1997. "Napoleón, bolsas y crecimiento en América Latina," Research Department Publications 4107, Inter-American Development Bank, Research Department.
  5. 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.
  6. 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.
  7. 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.

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