Financial Development on Growth Convergence

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Title:	Financial Development on Growth Convergence
Authors:	Kim, Dong-Hyeon;Huang, Ho-Chuan;Lin, Shu-Chin;Yeh, Chih-Chuan
Contributors:	淡江大學財務金融學系;淡江大學經濟學系
Date:	2010-09
Issue Date:	2013-08-08 14:42:19 (UTC+8)
Publisher:	Chichester: Wiley-Blackwell Publishing Ltd.
Abstract:	This paper investigates whether the impacts of financial development on growth convergence vary with the stage of real development. We implement this analysis through the instrumental variable threshold regression approach proposed by Caner and Hansen. Our empirical evidence shows that financial intermediary development leads to long-run convergence in growth of both economic activity and productivity. Moreover, such convergence-enhancing effects of financial intermediation are stronger for less-developed countries than for the more industrialized. In addition, the data reveal that stock market development assists growth convergence only in low-income countries.
Relation:	Scottish Journal of Political Economy 57(4), pp.493-514
DOI:	10.1111/j.1467-9485.2010.00528.x
Appears in Collections:	[Graduate Institute & Department of Banking and Finance] Journal Article [Graduate Institute & Department of Economics] Journal Article

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