Metrika članka

  • citati u SCindeksu: 0
  • citati u CrossRef-u:0
  • citati u Google Scholaru:[=>]
  • posete u poslednjih 30 dana:8
  • preuzimanja u poslednjih 30 dana:0
članak: 3 od 28  
Back povratak na rezultate
Panoeconomicus
2019, vol. 66, br. 2, str. 165-185
jezik rada: engleski
vrsta rada: izvorni naučni članak
objavljeno: 22/07/2019
doi: 10.2298/PAN160517012N
Creative Commons License 4.0
Do financial systems spur economic growth in the USA?: An empirical investigation
(naslov ne postoji na srpskom)
University of South Africa, Department of Economics, South Africa

e-adresa: sheillanyasha@gmail.com

Sažetak

(ne postoji na srpskom)
In this paper, we use the autoregressive distributed lag (ARDL) bounds testing approach to examine the dynamic impact of both bank-based financial development and market-based financial development on economic growth in the United States of America during the period 1980 to 2012. In order to adequately capture the depth and width of the USA's financial system, we used both bank-based and market-based financial development indices as proxies for bank-based and market-based financial systems. These indices were constructed from a number of bankand market-based financial development indicators, using the method of means-removed average. Our empirical results reveal that both bank-based and market-based financial development have a positive impact on economic growth in the USA. These results apply irrespective of whether the regression analysis is conducted in the long-run or in the shortrun. We, therefore, recommend that both pro-bank-based and pro-market-based financial sector development policies should be pursued in the USA - in order to bolster real sector growth and economic development.

Ključne reči

USA; bank-based financial development; market-based financial development; economic growth

Reference

Abu, N. (2009) Does stock market development raise economic growth?: Evidence from Nigeria. Review of Finance and Banking, 1 (1): 15-26
Abu-Bader, S., Abu-Qarn, A.S. (2008) Financial development and economic growth: Empirical evidence from six MENA countries. Review of Development Economics, 12(4), 803-81
Adjasi, C.K.D., Biekpe, N.B. (2006) Stock market development and economic growth: The case of selected African countries. African Development Review, 18(1), 144-161
Adu, G., Justice, M., Tei, M. (2013) Financial development and economic growth in Ghana: Does the measure of financial development matter?. Review of Development Finance, 3(4), 192-203
Ahmed, S., Ansari, M.I. (1998) Financial sector development and economic growth: The South-Asian experience. Journal of Asian Economics, 9(3), 503-517
Akinlo, A.E., Olufisayo, A. (2009) Stock market development and economic growth: Evidence from seven sub-Sahara African countries. Journal of Economics and Business, 61(2), 162-171
Allen, D., Ndikumana, L. (2000) Financial intermediation and economic growth in Southern Africa. Journal of African Economics, 9(2), 132-160
Andersen, T.B., Tarp, F. (2003) Financial liberalization, financial development and economic growth. Journal of International Development, 15(2), 189-209
Ang, J.B., McKibbin, W.J. (2007) Financial liberalization, financial sector development and growth: Evidence from Malaysia. Journal of Development Economics, 84(1), 215-233
Arcand, J., Berkes, E., Panizza, U. (2003) Too much finance?. u: International Monetary Fund Working Paper 12/161
Bank For International Settlement (2003) Payment systems in the United States. https://www.bis.org/cpmi/paysys/unitedstatescomp.pdf
Bekaert, G., Harvey, C., Lundblad, C. (2005) Does financial liberalization spur growth?. Journal of Financial Economics, 77(1): 3-55
Bencivenga, V.R., Smith, B.D. (1991) Financial intermediation and endogenous growth. Review of Economic Studies, 58(2), 195-209
Bernard, A.U., Achugbu, A. (2011) The role of stock market development on economic growth in Nigeria: A time-series analysis. African Research Review, 5(6), 213-230
Board Of Governors Of The Federal Reserve System (2015) Various Issues. http://www.federalreserve.gov (October 19, 2015)
Bouton, L., Sumlinski, M. (1998) Trends in private investment in developing countries. u: International Finance Corporation Discussion Paper 41
Caporale, G.M., Howells, P., Soliman, A. (2003) Stock market development and economic growth: The causal linkage. Journal of Economic Development, 29(1), 33-50
de Gregorio, J., Guidotti, P.E. (1995) Financial development and economic growth. World Development, 23(3), 433-448
Deidda, L., Fattouh, B. (2002) Non-linearity between finance and growth. Economics Letters, 74(3): 339-345
Demirgüç-Kunt, A., Levine, R. (1996) Stock market development and financial intermediaries: Stylized facts. World Bank Economic Review, 10(2), 291-321
Demirgüç-Kunt, A., Levine, R. (2001) Bank-based and market-based financial systems: Cross-country comparisons. u: Policy Research Working Paper 2143
Duasa, J. (2007) Determinants of Malaysian trade balance: An ARDL bound testing approach. Journal of Economic Cooperation, 28(3), 21-40
Engle, R., Granger, C. (1987) Cointegration and error-correction: Representation, estimation and testing. Econometrica, 55(2), 251-251
Epstein, G.A., Wolfson, M.H. (2013) The handbook of the political economy of financial crises. Oxford: Oxford University Press
Federal Deposit Insurance Corporation (2015) Various issues. http://www.fdic.gov/ (October 19, 2015)
Federal Reserve Bank Of New York (2015) The founding of the fed. http://www.newyorkfed.org/aboutthefed/history_article.html
Ghali, K. (1999) Financial development and economic growth: The Tunisian experience. Review of Development Economics, 3(3), 310-322
Güryay, E., Veli, Ş.O., Tüzel, B. (2007) Financial development and economic growth: Evidence from Northern Cyprus. International Research Journal of Finance and Economics, 8(PP), 57-62
Johansen, S. (1988) Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control, 12(2-3), 231-254
Johansen, S., Juselius, K. (1990) Maximum likelihood estimation and inference on cointegration: With applications to the demand for money. Oxford Bulletin of Economics and Statistics, 52(2), 169-210
Kabir, H.M., Sanchez, B., Yu, J. (2011) Financial development and economic growth: New evidence from panel data. Quarterly Review of Economics and Finance, 51(1), 88-104
Kargbo, S.M., Adamu, P. (2009) Financial development and economic growth in Sierra Leone. West African Journal of Monetary and Economic Integration, 9(2), 30-61
Levine, R., Zervos, S. (1996) Stock market development and long run growth. World Bank Economic Review, 10(2), 323-340
Levine, R. (2004) Finance and growth: Theory and evidence. u: National Bureau of Economic Research Working Paper 10766
Levine, R. (1991) Stock markets, growth, and tax policy. Journal of Finance, 46(4), 1445-1465
Levine, R. (1997) Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35(2), 688-726
Lian, A., Baynard, C., Chatterjee, C., Chung-Ping, L.A. (2018) Locational study of ATMs in the U.S. by ownership. https://www.natmc.org/assets/files/mediaLibrary/Locational-Study-022018.pdf
McKinnon, R.L. (1973) Money and capital in economic development. Washington, DC: Brookings Institution Press
Nyasha, S., Odhiambo, N.M. (2013) Banking sector reforms in the USA: A chronological overview. Banks and Bank Systems, 8(2), 39-47
Nyasha, S., Odhiambo, N.M. (2013) The dynamics of stock market development in the United States of America. Risk Governance & Control: Financial Markets & Institutions, 3(1), 93-102
Odedokun, M. (1996) Alternative econometric approaches for analysing the role of the financial sector in economic growth: Time-series evidence from LDCs. Journal of Development Economics, 50(1), 119-146
Odhiambo, N.M. (2008) Financial depth, savings and economic growth in Kenya: A dynamic causal linkage. Economic Modelling, 25, 704-713
Odhiambo, N.M. (2009) Finance-growth nexus and inflation dynamics in Kenya: An empirical investigation. Savings and Development, 33(1), 7-25
Perron, P. (1997) Further evidence on breaking trend functions in macroeconomic variables. Journal of Econometrics, 80(2), 355-385
Pesaran, H.M., Shin, Y. (1999) An autoregressive distributed lag modelling approach to cointegration analysis. u: Steinar Strøm [ur.] Econometrics and Economic Theory in the 20th Century: The Ragnar Frisch Centennial Symposium, Cambridge, MA: Cambridge University Press, 1-31
Pesaran, H.M., Shin, Y., Smith, R. (2001) Bound testing approaches to the analysis of level relationship. Journal of Applied Econometrics, 16(3), 174-18
Ram, R. (1999) Financial development and economic growth: Additional evidence. Journal of Development Studies, 35(4), 164-174
Rioja, F., Valev, N. (2004) Does one size fit all?: A reexamination of the finance and growth relationship. Journal of Development Economics, 74(2), 429-447
Sanusi, L. (2011) Banks in Nigeria and national economic development: A critical review. http://www.bis.org/review/r110323b.pdf
Schumpeter, J.A. (1911) The theory of economic development: An inquiry into profits, capital, credit, interest, and the business cycle. Cambridge, Mass: Harvard university press
Schwartz, H. (2009) Subprime nation. Ithaca: Cornell University Press
Shaw, E. (1973) Financial deepening in economic development. New York: Oxford University Press
Smith, A. (1776) An inquiry into the nature and causes of the wealth of nations. London: W. Strahan and T. Cadell
Solow, R.M. (1956) A contribution to the theory of economic growth. Quarterly Journal of Economics, vol. 70, br. 1, str. 65-94
Sylla, R. (1998) USA securities markets and the banking system, 1790-1840. Federal Reserve Bank of St. Louis Review, 80(3), 83-98
Trehan, R. (2013) Market-based finance vs. bank-based finance. PRLOG Press, December 16, http://www.prlog.org/10156113-market-basedfinance-vs-bank-based-finance-robin-trehan.html
U S.Department Of State Bureau Of International Information Programmes (2012) Outline of the U.S. economy. https://photos.state.gov/libraries/amgov/30145/publicationsenglish/120321_Outline_US_Economy_2012_CX2.pdf
Ujunwa, A., Pius, S.O. (2010) Stock market development and economic growth: Evidence from Nigeria. European Journal of Economics, Finance and Administrative Sciences, 5, 44-53
United States Government Printing Office (2010) Dodd-frank wall street reform and consumer protection act. Public Law, 111
World Economic Forum (2011) The financial development report. New York: World Economic Forum USA Inc