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    請使用永久網址來引用或連結此文件: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/100054

    題名: Financial Structure on Growth and Volatility
    作者: Yeh, Chih-Chuan;Huang, Ho-chuan;Lin, Pei-Chien
    貢獻者: 淡江大學財務金融學系
    關鍵詞: Financial structure;Economic growth;Growth volatility;Pooled mean group estimator
    日期: 2013-09-01
    上傳時間: 2015-01-28 11:04:10 (UTC+8)
    出版者: Netherlands: Elsevier BV * North-Holland
    摘要: By applying the pooled mean group estimator to a large panel up to 40 countries over the 1960–2009 period, this study finds that financial structure is significantly cointegrated to both economic growth and its volatility. In particular, the relationship is positive in nature, suggesting that more market-based countries enjoy faster economic growth but suffer more from economic fluctuations in the long run. Accordingly, in sharp contrast to the existing evidences, we conclude that the architecture of an economy's financial system matters for real sector performance. Moreover, the findings are robust to a variety of sensitivity checks, including the problem of endogeneity, the use of different financial structure (and growth volatility) indicators, the inclusion of extra growth (volatility) determinants, and the control of cross-sectional dependence in the panel data.
    關聯: Economic Modelling 35, pp.391-400
    DOI: 1873-6122
    顯示於類別:[財務金融學系暨研究所] 期刊論文


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