Financial development and economic growth: A new empirical analysis
The paper describes tests of hypotheses from economic history concerning the significance of financial development as a determinant of economic growth. It goes beyond the existing studies in drawing on a large panel data set covering 93 countries from 1970-90 and includes a new proxy for the resource input into the financial system. Moreover, interaction effects between financial development and catching-up as well as education are considered. Finally, to clarify causal relationships, a two-wave path model is estimated. It is shown that during the 1970s and 1980s finance was a significant and predominantly supply-leading determinant of growth.
|Date of creation:||1999|
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- Ross Levine, 1997.
"Financial Development and Economic Growth: Views and Agenda,"
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- Xavier Sala-i-Martin, 1997. "I just ran four million regressions," Economics Working Papers 201, Department of Economics and Business, Universitat Pompeu Fabra.
- Harberger, Arnold C, 1998. "A Vision of the Growth Process," American Economic Review, American Economic Association, vol. 88(1), pages 1-32, March. Full references (including those not matched with items on IDEAS)
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