期刊
JOURNAL OF MACROECONOMICS
卷 32, 期 3, 页码 879-891出版社
LOUISIANA STATE UNIV PR
DOI: 10.1016/j.jmacro.2009.09.003
关键词
Financial development; Stock markets; Credit markets; Economic growth; Panel mean group estimators; Error-correction models; Panel unit-root tests
类别
This paper investigates the dynamic impacts of financial institutions on economic growth based on a panel data set comprised of 13 countries in European Union (EU) over the period of 1976-2005. We found several important results. First, there exists a long-run equilibrium relationship among banking development, stock market development and economic development, and stock market capitalization and liquidity have positive long-run effects on economic development. Second, financial depth may have a negative long-run effect on real output, but improving risk diversification and information services of commercial banks results in stable economic development. Finally, stock market liquidity has a negative short-term influence on economic growth. (C) 2009 Elsevier Inc. All rights reserved.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据