| 题名: | Inflation and the finance-growth nexus |
| 作者: | Huang, Ho-chuan;Lin, Shu-chin;Kim, Dong-Hyeon;Yeh, Chih-chuan |
| 贡献者: | 淡江大學財務金融學系;淡江大學經濟學系 |
| 关键词: | Financial development;Economic growth;Threshold regression;Instrumental variable;Inflation |
| 日期: | 2010-01 |
| 上传时间: | 2011-10-24 10:31:39 (UTC+8) |
| 出版者: | Amsterdam: Elsevier BV * North-Holland |
| 摘要: | 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. |
| 關聯: | Economic Modelling 27(1), pp.229-236 |
| DOI: | 10.1016/j.econmod.2009.09.003 |
| 显示于类别: | [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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