Journal
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE
Volume 54, Issue -, Pages 218-224Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.iref.2017.08.009
Keywords
Economic growth; Financial development; Institutional investors
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This study analyzes the nonlinear relationship between financial development under the presence of institutional investors (assets in insurance companies, mutual funds, and pension funds, as a percentage of GDP) and economic growth. The analysis considers data on 116 economies obtained from the World Bank for the period 1991-2014. We examine both industrialized and developing economies using a dynamic panel threshold technique. We find that countries below the finance threshold grow less and those above the threshold grow faster. In addition, in the industrialized economies, institutional investors have a positive effect on the growth of GDP per capita.
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