Financial development and long-run growth: is the cross-sectional evidence robust?
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.
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Volume (Year): 43 (2011)
Issue (Month): 28 ()
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