kako citirati ovaj članak
podeli ovaj članak


  • citati u SCIndeksu: [1]
  • citati u CrossRef-u:0
  • citati u Google Scholaru:[]
  • posete u poslednjih 30 dana:1
  • preuzimanja u poslednjih 30 dana:0


članak: 2 od 2  
Back povratak na rezultate
2012, vol. 59, br. 5, str. 553-581
Finance, growth and threshold effects
(naslov ne postoji na srpskom)
aEconomiX, UMR , Centre National de Recherche Scientifique et Université Paris Ouest Nanterre La Défense, Paris, France
bLaboratoire Prospective, Stratégie et Développement Durable, Faculté des Sciences Economiques et de Gestion de Tunis, Université de Tunis El Manar, Tunisie

(ne postoji na srpskom)
In this paper, we test the existence of financial development threshold effects, firstly, between financial development and long-term growth, and, secondly, between financial development and long-term GDP. We also ask whether such effects may explain the link financial development - convergence/ divergence to the advanced countries' growth. Our work builds on that of Aghion, Howitt, and Mayer-Foulkes (2004). It differs from previous work about assumptions and methodology. Estimates are performed with GMM dynamic panel data techniques for 112 emerging and developing countries from 1975 to 2007. The results show a positive but vanishing effect of financial development on steady-state GDP, from a critical (an average) level of financial development. They do not validate, however, the assumption that the marginal impact of financial development on the steady-state growth rate is more favorable than the degree of financial development is low. We support only partially the role that the financial development could play in the acceleration of the convergence of emerging and developing economies towards the world frontier growth.
Acemoglu, D., Zilibotti, F. (1997) Was Prometheus Unbound by Chance? Risk, Diversification, and Growth. Journal of Political Economy, 105(4): 709
Acemoglu, D., Johnson, S., Robinson, J.A. (2004) Institutions as the fundamental cause of long-run growth. National bureau of economic research working paper 10481
Aghion, P., Howitt, P., Mayer-Foulkes, D. (2005) The effect of financial development in convergence: Theory and evidence. Quarterly Journal of Economics, 120(1), 173-222
Aghion, P., Howitt, P., Mayer-Foulkes, D. (2004) The effect of financial development on convergence: Theory and evidence. National bureau of economic research working paper 10358
Aghion, P. (2007) Croissance et finance. Revue de l'OFCE, 102(3); 79-100
Andersen, T.B., Tarp, F. (2003) Financial liberalization, financial development and economic growth in LDCs. Journal of International Development, 15(2): 189-209
Ang, J.B. (2008) A Survey of Recent Developments in the Literature of Finance and Growth. Journal of Economic Surveys, 22(3): 536-576
Arellano, M., Bond, S. (1991) Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58, 277-297
Arellano, M., Bover, O. (1995) Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1): 29-51
Beck, T., Demirguc-Kunt, A., Levine, R. (2000) A New Database on the Structure and Development of the Financial Sector. World Bank Economic Review, 14(3): 597-605
Beck, T., Levine, R., Loayza, N. (2000) Finance and the sources of growth. Journal of Financial Economics, vol. 58 (October-November), pp. 261- 300
Berthelemy, J.C., Varoudakis, A. (1996) Economic Growth, Convergence Clubs, and the Role of Financial Development. Oxford Economic Papers, 48(2): 300-328
Blundell, R., Bond, S. (1998) Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1): 115-143
Brunetti, A. (1997) Political Variables in Cross-country Growth Analysis. Journal of Economic Surveys, 11(2): 163-190
Clarke, G., Lixin, C.X., Zou, H. (2003) Finance and income inequality: Test of alternative theories. World Bank Policy Research Working Paper, 2984
Costas, A., Stachurski, J. (2005) Poverty traps. u: [ur.] Handbook of Economic Growth, The Netherlands: Elsevier Science, 295-384
Dasgupta, P. (1995) An inquiry into well-being and destitution. Oxford, itd: Oxford University Press
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
Demetriades, P., Siong, H.L. (2004) Finance, institutions and economic growth. University of Leicester Discussion Papers in Economics, 04/5
Dorrucci, E., Meyer-Cirkel, A., Santabárbara, D. (2009) Domestic financial development in emerging economies: Evidence and implications. European Central Bank Occasional Paper, 102
Esso, L.J. (2005) Développement financier, croissance économique et inégalités de revenus entre pays de l'UEMOA. Cellule d'Analyse de Politiques Economiques du CIRES, Working Paper 111
Favara, G. (2003) An empirical reassessment of the relationship between finance and growth. International Monetary Fund Working Paper, 03/123
Fernandez, D.G., Galetovic, A. (1994) Schumpeter might be right but why? Explaining the relation between finance, development and growth. Johns Hopkins SAIS Working Paper, 96-01
Fung, M.K. (2009) Financial development and economic growth: Convergence or divergence?. Journal of International Money and Finance, 28(1): 56-67
Gaytan, A., Ranciere, R. (2004) Wealth, financial intermediation and growth. University Pompeu Fabra Economics and Business Working Paper, 851
Huang, H., Lin, S., Kim, D., Yeh, C. (2010) Inflation and the finance–growth nexus. Economic Modelling, 27(1): 229-236
Khan, M.S., Senhadji, A.S. (2003) Financial development and economic growth: A review and new evidence. Journal of African Economies, 12,(2),89-110
King, R.G., Levine, R. (1993) Finance and Growth: Schumpeter Might be Right. Quarterly Journal of Economics, 108(3): 717
Kose, A.M., Prasad, E., Rogoff, K., Wei, S. (2009) Financial globalization: A reappraisal. Panoeconomicus, vol. 56, br. 2, str. 143-197
Kpodar, K. (2007) Manuel d'initiation à Stata. France: Centre d'Etudes et de Recherches sur le Développement International, Version 8
la Porta, R., Lopez-De-Silanes, F., Shleifer, A., Vishny, R.W. (1997) Legal Determinants of External Finance. Journal of Finance, 52(3): 1131-1150
Lee, J. (1996) Financial development by learning. Journal of Development Economics, 50(1): 147-164
Levine, R. (1997) Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35, 688-726
Levine, R., Zervos, S. (1998) Stock markets, banks, and economic growth. American Economic Review, vol. 88, str. 537-558
Levine, R., Loayza, N., Beck, T. (2000) Financial intermediation and growth: Causality and causes. Journal of Monetary Economics, 46(1): 31-77
Levine, R. (2002) Bank-Based or Market-Based Financial Systems: Which Is Better?. Journal of Financial Intermediation, 11(4): 398-428
Levine, R. (2005) Finance and growth: Theory and evidence. u: Aghion Philippe, Steven Durlauf [ur.] Handbook of Economic Growth, Amsterdam: Elsevier Science
McCraig, B.D., Thanasis, S. (2005) Financial intermediation and growth: Some robustness tests. Economics Letters, 88,(3),306-312
Naceur, S.B., Ghazouani, S. (2007) Stock markets, banks, and economic growth: Empirical evidence from the MENA region. Research in International Business and Finance, 21(2): 297-315
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
Rodrik, D. (2003) In search of prosperity: Analytic narratives on economic growth. New Jersey: Princeton University Press
Roodman, D. (2006) How to do xtabond2: An introduction to difference and system GMM in Stata. Center for Global Development Working Paper, 103
Roodman, D. (2009) A Note on the Theme of Too Many Instruments. Oxford Bulletin of Economics and Statistics, 71(1): 135-158
Rousseau, P.L., Wachtel, P. (2002) Inflation thresholds and the finance–growth nexus. Journal of International Money and Finance, 21(6): 777-793
Rousseau, P.L., Yilmazkuday, H. (2009) Inflation, financial development, and growth: A trilateral analysis. Economic Systems, 33, 4, 310-324
Sevestre, P. (2002) Econométrie des Données de Panel. Paris, France: Edition Dunod
Thorsten, B. (2008) The econometrics of finance and growth. World Bank Policy Research Working Paper, 4608
Thorsten, B., Demirgüç-Kunt, A. (2009) Financial institutions and market across countries and over times: Data and analysis. World Bank Policy Research Working Paper, 4943
Yahyaoui, A., Rahmani, A. (2009) Développement financier et croissance économique: Rôle de la qualité des institutions. Panoeconomicus, vol. 56, br. 3, str. 327-357
Yilmazkuday, H. (2011) Thresholds in the Finance-Growth Nexus: A Cross-Country Analysis. World Bank Economic Review, 25(2): 278-295

O članku

jezik rada: francuski
vrsta rada: izvorni naučni članak
DOI: 10.2298/PAN1205553A
objavljen u SCIndeksu: 22.03.2013.