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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/72518


    Title: Inflation and the finance-growth nexus
    Authors: Huang, Ho-chuan;Lin, Shu-chin;Kim, Dong-Hyeon;Yeh, Chih-chuan
    Contributors: 淡江大學財務金融學系;淡江大學經濟學系
    Keywords: Financial development;Economic growth;Threshold regression;Instrumental variable;Inflation
    Date: 2010-01
    Issue Date: 2011-10-24 10:31:39 (UTC+8)
    Publisher: Amsterdam: Elsevier BV * North-Holland
    Abstract: This paper re-investigates whether there exist inflation thresholds in the finance–growth linkage. By applying the Caner and Hansen's (2004) instrumental-variable threshold regression approach to the dataset of Levine et al. (2000), we find strong evidence of a nonlinear inflation threshold in the relationship, below which financial development exerts a significantly positive effect on economic growth, while, above which, the growth effect of finance appears to be insignificant. Furthermore, we also find a positive and significant relationship between finance and productivity for inflation rates below the threshold level, but no such relationship is detected for inflation rates above the critical level. This result suggests that finance influences growth mainly through the productivity channel.
    Relation: Economic Modelling 27(1), pp.229-236
    DOI: 10.1016/j.econmod.2009.09.003
    Appears in Collections:[Graduate Institute & Department of Economics] Journal Article
    [Graduate Institute & Department of Banking and Finance] Journal Article

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