Financial structure on growth and volatility

淡江大學機構典藏 > 商管學院 > 財務金融學系暨研究所 > 期刊論文 > Item 987654321/92095

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题名:	Financial structure on growth and volatility
作者:	Yeh, Chih-Chuan;Huang, Ho-chuan;Lin, Pei-Chien
贡献者:	淡江大學產業經濟學系
关键词:	Financial structure;Economic growth;Growth volatility;Pooled mean group estimator
日期:	2013-09
上传时间:	2013-08-26 10:03:49 (UTC+8)
出版者:	Elsevier
摘要:	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.
關聯:	Economic Modelling 35, p.391–400
DOI:	10.1016/j.econmod.2013.07.034
显示于类别:	[產業經濟學系暨研究所] 期刊論文 [財務金融學系暨研究所] 期刊論文

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