The Level of Economic Development and the Impact of Financial Structure on Economic Growth: Evidence from Dynamic Panel Data Analysis
The objective of this paper is to examine the impact of financial structure on economic growth and also to investigate whether the impacts are different between countries with difference levels of income; low- and middle-income countries, and high-income countries. This paper uses a panel data approach and include 44 countries. The Generalised Method of Moments (GMM) system approach has been used in estimation process. The findings from the estimation suggest that to have more developed stock markets relative to the banking sector will promote better growth in high-income countries but not in the low- and middle-income countries. This paper also finds strong evidence that the effect of financial structure on investment depends on the level of income of the country.
Volume (Year): 3 (2007)
Issue (Month): 2 ()
|Contact details of provider:|| Web page: http://web.usm.my/aamj/|
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:usm:journl:aamjaf00302_21-42. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Journal Division, Penerbit Universiti Sains Malaysia)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.