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Inflation, Financial Development and Growth in Transition Countries

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Author Info
Max Gillman
Mark N. Harris ()

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Abstract

The paper presents panel data evidence for 13 transition countries on inflation, financial development and growth. It contributes to the growth literature by showing that the transition countries conform to developed country evidence in particular with the strong negative effect of inflation on growth. It also contributes more evidence to the debate on the role of financial development. Once inflation and the investment rate are included in the model, a key measure of financial development no longer has a positive effect on growth, as some recent literature has found.

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File URL: http://www.buseco.monash.edu.au/depts/ebs/pubs/wpapers/2004/wp23-04.pdf
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Publisher Info
Paper provided by Monash University, Department of Econometrics and Business Statistics in its series Monash Econometrics and Business Statistics Working Papers with number 23/04.

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Length: 20 pages
Date of creation: Nov 2004
Date of revision:
Handle: RePEc:msh:ebswps:2004-23

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Related research
Keywords: Transition; panel data; inflation; investment rate; financial depth; endogeneity;

Other versions of this item:

Find related papers by JEL classification:
C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data
E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment
O42 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models

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References listed on IDEAS
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.:
  1. Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June. [Downloadable!] (restricted)
    Other versions:
  2. Breusch, Trevor S & Mizon, Grayham E & Schmidt, Peter, 1989. "Efficient Estimation Using Panel Data," Econometrica, Econometric Society, vol. 57(3), pages 695-700, May. [Downloadable!] (restricted)
  3. Ruth Judson & Athanasios Orphanides, 1996. "Inflation, volatility and growth," Finance and Economics Discussion Series 96-19, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
    Other versions:
  4. Paul Wachtel & Peter L. Rousseau, 2000. "Inflation, Financial Development and Growth," Working Papers 00-10, New York University, Leonard N. Stern School of Business, Department of Economics. [Downloadable!]
  5. Robert J. Barro, 2001. "Human Capital and Growth," American Economic Review, American Economic Association, vol. 91(2), pages 12-17, May. [Downloadable!] (restricted)
  6. Max Gillman & Mark N. Harris, 2004. "Inflation, Financial Development and Endogenous Growth," Monash Econometrics and Business Statistics Working Papers 24/04, Monash University, Department of Econometrics and Business Statistics. [Downloadable!]
  7. Gylfason, Thorvaldur & Herbertsson, Tryggvi Thor, 2001. "Does inflation matter for growth?," Japan and the World Economy, Elsevier, vol. 13(4), pages 405-428, December. [Downloadable!] (restricted)
    Other versions:
  8. Max Gillman & Michal Kejak, 2004. "The Demand for Bank Reserves and Other Monetary Aggregates," Economic Inquiry, Oxford University Press, vol. 42(3), pages 518-533, July. [Downloadable!] (restricted)
  9. Max Gillman & Mark N. Harris & László Mátyás, 2004. "Inflation and growth: Explaining a negative effect," Empirical Economics, Springer, vol. 29(1), pages 149-167, January. [Downloadable!] (restricted)
  10. P. J. Dawson, 2003. "Financial development and growth in economies in transition," Applied Economics Letters, Taylor and Francis Journals, vol. 10(13), pages 833-836, October. [Downloadable!] (restricted)
  11. Atish R. Ghosh & Steven Phillips, 1998. "Inflation, Disinflation, and Growth," IMF Working Papers 98/68, International Monetary Fund.
  12. By Mohsin S. Khan & Abdelhak S. Senhadji, 2001. "Threshold Effects in the Relationship Between Inflation and Growth," IMF Staff Papers, Palgrave Macmillan Journals, vol. 48(1), pages 1. [Downloadable!] (restricted)
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