Is the Relationship Between Financial Development and Economic Growth Monotonic? Evidence from a Sample of Middle-Income Countries

被引：329
作者：
Samargandi, Nahla [1 ,2 ]
Fidrmuc, Jan [1 ,3 ,4 ]
Ghosh, Sugata [1 ]
机构：
[1] Brunel Univ, Uxbridge UB8 3PH, Middx, England
[2] King Abdulaziz Univ, Jeddah, Saudi Arabia
[3] Charles Univ Prague, IES, CR-11636 Prague 1, Czech Republic
[4] CESifo Munich, Munich, Germany
来源：
WORLD DEVELOPMENT | 2015年 / 68卷
关键词：
financial development; economic growth; pooled mean group estimation; dynamic panel threshold; non-monotonicity; INSTRUMENTAL VARIABLE ESTIMATION; TIME-SERIES EVIDENCE; UNIT-ROOT TESTS; PANEL-DATA; SECTOR; TRADE; NEXUS; INTERMEDIATION; LIBERALIZATION; INSTITUTIONS;
D O I：
10.1016/j.worlddev.2014.11.010
中图分类号：
F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];
学科分类号：
0201 ; 020105 ; 03 ; 0303 ;
摘要：
We revisit the relationship between financial development and economic growth in a panel of 52 middle-income countries over the 1980-2008 period. Using pooled mean group estimations in a dynamic heterogeneous panel setting, we show that there is an inverted U-shaped relationship between finance and growth in the long run. In the short run, the relationship is insignificant. This suggests that too much finance can exert a negative influence on growth in middle-income countries. The finding of a non-monotonic effect of financial development on growth is confirmed by estimating a threshold model. (C) 2014 Elsevier Ltd. All rights reserved.
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页码：66 / 81
页数：16
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