Finance Causes Growth: Can We Be So Sure?

IF 0.5 4区 经济学 Q4 ECONOMICS B E Journal of Macroeconomics Pub Date : 2003-12-31 DOI:10.2202/1534-6005.1100
J. ManningMark
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引用次数: 64

Abstract

In recent years, a number of studies have found in favour of a causal link between finance and growth. This paper examines the empirical foundations of such studies, performing some additional econometric tests using the datasets and methodologies of Rajan and Zingales (1998a) and Levine and Zervos (1998). First, we consider the stability of published results across countries at different stages in their economic development, re-estimating Rajan and Zingales specification to allow separate coefficients for OECD and non-OECD member countries. We find that finance has a greater impact upon growth in non-OECD countries, with bank finance of particular importance. Second, we explore the issue of identification, concluding that it is difficult to disentangle the effect of financial development from that of other correlated factors. In particular, we show that the results of these authors depend heavily on the strong performance of the Tiger economies during the 1980s.
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金融促进增长:我们能如此肯定吗?
近年来,许多研究发现金融与经济增长之间存在因果关系。本文考察了这些研究的实证基础,使用Rajan和Zingales (1998a)以及Levine和Zervos(1998)的数据集和方法进行了一些额外的计量经济学检验。首先,我们考虑了处于不同经济发展阶段的国家公布结果的稳定性,重新估计了Rajan和Zingales规范,以便为经合组织和非经合组织成员国提供单独的系数。我们发现,金融对非经合组织国家的增长有更大的影响,其中银行融资尤为重要。其次,我们探讨了识别问题,结论是很难将金融发展的影响与其他相关因素的影响分开。特别是,我们表明,这些作者的结果在很大程度上取决于20世纪80年代四小龙经济的强劲表现。
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来源期刊
CiteScore
0.80
自引率
0.00%
发文量
20
期刊介绍: The B.E. Journal of Macroeconomics publishes significant research and scholarship in both theoretical and applied macroeconomics. The journal\"s mandate is to assemble papers from the broad research spectrum covered by modern macroeconomics. The range of topics includes business cycle research, economic growth, and monetary economics, as well as topics drawn from the substantial areas of overlap between macroeconomics and international economics, labor economics, finance, development economics, political economy, public economics, and econometric theory.
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