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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/92095


    Title: Financial structure on growth and volatility
    Authors: Yeh, Chih-Chuan;Huang, Ho-chuan;Lin, Pei-Chien
    Contributors: 淡江大學產業經濟學系
    Keywords: Financial structure;Economic growth;Growth volatility;Pooled mean group estimator
    Date: 2013-09
    Issue Date: 2013-08-26 10:03:49 (UTC+8)
    Publisher: Amsterdam: Elsevier BV * North-Holland
    Abstract: 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 systemmatters 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.
    Relation: Economic Modelling 35, pp.391–400
    DOI: 10.1016/j.econmod.2013.07.034
    Appears in Collections:[產業經濟學系暨研究所] 期刊論文

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