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Financial development and long-run growth: is the cross-sectional evidence robust?

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  • Corrado Andini

Abstract

In a seminal paper, Levine, Loayza and Beck (LLB, 2000) provide cross-sectional evidence showing that financial development has positive average impact on long-run growth, using a sample of 71 countries. We argue that the evidence is sensitive to the presence of outliers.

Suggested Citation

  • Corrado Andini, 2011. "Financial development and long-run growth: is the cross-sectional evidence robust?," Applied Economics, Taylor & Francis Journals, vol. 43(28), pages 4269-4275.
  • Handle: RePEc:taf:applec:v:43:y:2011:i:28:p:4269-4275 DOI: 10.1080/00036846.2010.491450
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    References listed on IDEAS

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    1. Sebastian Edwards, 2007. "Capital Controls, Sudden Stops, and Current Account Reversals," NBER Chapters,in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, pages 73-120 National Bureau of Economic Research, Inc.
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    13. Fouquau, Julien & Hurlin, Christophe & Rabaud, Isabelle, 2008. "The Feldstein-Horioka puzzle: A panel smooth transition regression approach," Economic Modelling, Elsevier, pages 284-299.
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    15. Gilbert COLLETAZ & Christophe HURLIN, 2006. "Threshold Effects of the Public Capital Productivity : An International Panel Smooth Transition Approach," LEO Working Papers / DR LEO 1669, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
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    17. Fouquau, Julien & Hurlin, Christophe & Rabaud, Isabelle, 2008. "The Feldstein-Horioka puzzle: A panel smooth transition regression approach," Economic Modelling, Elsevier, vol. 25(2), pages 284-299, March.
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    1. repec:voj:journl:v:63:y:2016:i:1:p:25-43 is not listed on IDEAS
    2. M. Bijlsma & C.J.M. Kool & Marielle Non, 2017. "The effect of financial development on economic growth : a meta-analysis," Working Papers 17-01, Utrecht School of Economics.
    3. Andini, Monica & Andini, Corrado, 2014. "Finance, growth and quantile parameter heterogeneity," Journal of Macroeconomics, Elsevier, pages 308-322.

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