期刊
REVIEW OF WORLD ECONOMICS
卷 143, 期 1, 页码 179-198出版社
SPRINGER
DOI: 10.1007/s10290-007-0102-3
关键词
financial development; growth; panel cointegration; panel causality
The paper examines whether a long-run relationship between financial development and economic growth exists employing panel integration and cointegration techniques for a dynamic heterogeneous panel of 15 OECD and 50 non-OECD countries over the period 1975-2000. Three different measures of financial deepening are used to capture the variety of different channels through which financial development can affect growth. Our findings support the existence of a single long-run equilibrium relation between financial deepening, economic growth and a set of control variables. Further, the evidence points to a bi-directional causality between financial deepening and growth.
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