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Cover Art
E-RESOURCE
Author Favara, Giovanni.

Title An Empirical Reassessment of the Relationship Between Finance and Growth [electronic resource] / Giovanni Favara.

Published Washington, D.C. : International Monetary Fund, 2003.

Copies

Location Call No. Status
 UniM INTERNET resource    AVAILABLE
Physical description 1 online resource (46 p.)
Series IMF Working Papers; Working Paper ; No. 03/123
IMF Working Papers; Working Paper ; No. 03/123
Summary This paper reexamines the empirical relationship between financial development and economic growth. It presents evidence based on cross-section and panel data using an updated dataset, a variety of econometric methods, and two standard measures of financial development: the level of liquid liabilities of the banking system and the amount of credit issued to the private sector by banks and other financial institutions. The paper identifies two sets of findings. First, in contrast with the recent evidence of Levine, Loayza, and Beck (2001), cross-section and panel-data-instrumental-variables regressions reveal that the relationship between financial development and economic growth is, at best, weak. Second, there is evidence of nonlinearities in the data, suggesting that finance matters for growth only at intermediate levels of financial development. Moreover, using a procedure appropriately designed to estimate long-run relationships in a panel with heterogeneous slope coefficients, there is no clear indication that finance spurs economic growth. Instead, for some specifications, the relationship is, puzzlingly, negative.
Notes Description based on print version record.
Other author Favara, Giovanni.
Subject Correlation
Economic Growth and Aggregate Productivity: General
Equation
Financial Development
GDP per Capita
Panel Methods
ISBN 1451854633 : 15.00 USD
9781451854633
ISSN 1018-5941
Standard Number 10.5089/9781451854633.001