“FINANCE AND GROWTH” RE-VISITED

Journal of Financial Management, Markets and Institutions

LIZETHE MÉNDEZ-HERAS¹  STEVEN ONGENA² 

[1] Universidad Autónoma Metropolitana, Mexico City, Mexico;University of Zurich, Swiss Finance Institute, Switzerland;

关键词: financial structure;    economic growth;    financial development;   

DOI  :  10.1142/S2282717X20500012

来源: DOAJ

【 摘 要 】

We test whether the relationship between finance and growth is present in 48 countries over 20 different periods of an equal length of 15 years, starting in 1980 (to 1995) and ending in 1999 (to 2014). We estimate growth regressions using an IV approach and we find that (1) overall financial development had a positive effect on economic growth for almost all our studied periods, (2) the legal system is the primary determinant of the effectiveness of the overall financial system, and (3) financial services were relevant for economic growth even during the financial crisis of 2008. This research is part of a research agenda revisiting the finance–growth nexus using up-to-date empirical methodologies.

【 授权许可】

Unknown