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The Financial Sector and Economic Growth

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Author Info
Cooray, Arusha () (University of Wollongong)

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Abstract

The Mankiw-Romer-Weil (1992) augmented Solow-Swan model is extended to incorporate the financial sector in this study. Distinguishing between financial capital, physical capital and human capital, this study attempts to identify in particular, the effects of financial capital on economic growth. The study is also examines the effects of financial sector efficiency on economic growth. The financial sector augmented model is tested on 35 low and middle income economies. Strong support is found for the financial sector augmented model.

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File URL: http://www.uow.edu.au/content/groups/public/@web/@commerce/@econ/documents/web/uow056753.pdf
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Publisher Info
Paper provided by School of Economics, University of Wollongong, NSW, Australia in its series Economics Working Papers with number wp09-02.

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Length: 25 pages
Date of creation: 2009
Date of revision:
Handle: RePEc:uow:depec1:wp09-02

Contact details of provider:
Postal: School of Economics, University of Wollongong, Northfields Avenue, Wollongong NSW 2522 Australia
Phone: +612 4221-3663
Fax: +612 4221-3725
Web page: http://www.uow.edu.au/commerce/econ/
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Related research
Keywords: Mankiw-Romer-Weil model; economic growth; financial capital; banking sector; convergence;

Other versions of this item:

Find related papers by JEL classification:
O42 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models
O43 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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This page was last updated on 2009-11-17.

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