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The Financial Sector and Economic Growth

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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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Bibliographic 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

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Postal: School of Economics, University of Wollongong, Northfields Avenue, Wollongong NSW 2522 Australia
Phone: +612 4221-3659
Fax: +612 4221-3725
Web page: http://business.uow.edu.au/econ/index.html
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Keywords: Mankiw-Romer-Weil model; economic growth; financial capital; banking sector; convergence;

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Cited by:
  1. Héctor Gustavo González Padilla, 2012. "Economic Growth and Financial System," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(65-66), pages 61-74, September.
  2. Cooray, Arusha, 2011. "The role of the government in financial sector development," Economic Modelling, Elsevier, vol. 28(3), pages 928-938, May.
  3. Anwar, Sajid & Sun, Sizhong, 2011. "Financial development, foreign investment and economic growth in Malaysia," Journal of Asian Economics, Elsevier, vol. 22(4), pages 335-342, August.

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