Thresholds in Financial Development and Economic Growth
The purpose of this paper is to assess the existence of threshold effects in economic growth, linked to the development of the banking sector. We, first, discuss the possibility of multiple steady state equilibria doe to reciprocal externalities between the banking sector and the real sector. To check the existence of multiple steady states, associated with both financial development and educational development, we perform stability tests on a 'Barro-type' conditional [beta]-convergence equation. Optimal splits of our ninety-one-country sample are then estimated through a maximum likelihood method. We thus define 'convergence clubs', characterized by educational and banking sector development indicators, which exhibit specific behavior as regards the factors determining long-run growth. Copyright 1995 by Blackwell Publishers Ltd and The Victoria University of Manchester
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): 63 (1995)
Issue (Month): 0 (Suppl.)
|Contact details of provider:|| Postal: Manchester M13 9PL|
Phone: (0)161 275 4868
Fax: (0)161 275 4812
Web page: http://www.socialsciences.manchester.ac.uk/economics/
More information through EDIRC