search query: @author Wachtel, P. / total: 7
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| Author: | Rousseau, P. L. Wachtel, P. |
| Title: | Financial intermediation and economic performance: historical evidence from five five industrialized countries. |
| Journal: | Journal of Money, Credit and Banking
1998 : NOV, VOL. 30:4, p. 657-678 |
| Index terms: | Financial intermediaries Economic performance Industrial performance Developed economies Statistical methods |
| Language: | eng |
| Abstract: | The authors examine the nature of links between the intensity of financial intermediation and economic performance in the USA, the United Kingdom, Canada, Norway, and Sweden over the 1870-1929 period. Vector error correction models establish the quantitative importance of long-run relationships among measures of financial intensity and real per capita levels of output and the monetary base. Granger causality tests suggest a leading role for the intermediation variables in real sector activity. The results suggest an important role for intermediation in the rapid industrial transformations of all five countries. |
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