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Thresholds in the Finance-Growth Nexus: A Cross-Country Analysis

  • Hakan Yilmazkuday

Thresholds of inflation, government size, trade openness, and per capita income for the finance-growth nexus are investigated using five-year averages of standard variables for 84 countries from 1965 to 2004. The results suggest that (i) high inflation crowds out positive effects of financial depth on long-run growth, (ii) small government sizes hurt the finance-growth nexus in low-income countries, while large government sizes hurt high-income countries, (iii) low levels of trade openness are sufficient for finance-growth nexus in high-income countries, but low-income countries need higher levels of trade openness for similar magnitudes of the finance-growth nexus, (iv) catch-up effects through the finance-growth nexus are higher for moderate per capita income levels. Copyright , Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/wber/lhr011
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Article provided by World Bank Group in its journal The World Bank Economic Review.

Volume (Year): 25 (2011)
Issue (Month): 2 (May)
Pages: 278-295

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Handle: RePEc:oup:wbecrv:v:25:y:2011:i:2:p:278-295
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