Non-linear Finance-Growth Nexus: A Threshold with Instrumental Variable Approach

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題名:	Non-linear Finance-Growth Nexus: A Threshold with Instrumental Variable Approach
作者:	Huang, Ho-Chuan;Lin, Shu-Chin
貢獻者:	淡江大學財務金融學系;淡江大學經濟學系
關鍵詞:	Financial development;economic growth;instrumental variable;threshold regression
日期:	2009-07
上傳時間:	2011-10-22 17:35:15 (UTC+8)
出版者:	Chichester: The European Bank for Reconstruction and Development
摘要:	This paper revisits the question of whether the finance–growth nexus varies with the stages of economic development. Using a novel threshold regression with the instrumental variables approach proposed by Caner and Hansen (2004) to the dataset used in Levine et al. (2000) we detect overwhelming evidence in support of a positive linkage between financial development and economic growth, and this positive effect is larger in the low-income countries than in the high-income ones. The data also reveal that financial development tends to have stronger impacts on capital accumulation and productivity growth in the low-income countries than in the high-income ones. The findings are robust to alternative financial development measures and conditioning information sets.
關聯:	Economics of Transition 17(3), pp.439-466
DOI:	10.1111/j.1468-0351.2009.00360.x
顯示於類別:	[經濟學系暨研究所] 期刊論文 [財務金融學系暨研究所] 期刊論文

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