Financial structure on growth and volatility

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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:	Elsevier
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, p.391–400
DOI:	10.1016/j.econmod.2013.07.034
Appears in Collections:	[Graduate Institute & Department of Industrial Economics] Journal Article [Graduate Institute & Department of Banking and Finance] Journal Article

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