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| Tekijä: | Graff, M. |
| Otsikko: | Socio-economic factors and the finance-growth nexus |
| Lehti: | European Journal of Finance
2005 : JUN, VOL 11:3, p. 183-205 |
| Asiasana: | Finance Economic growth Market orientation Models |
| Kieli: | eng |
| Tiivistelmä: | This study discusses finance-growth nexus (hereafter as: f-g-nxs.), formulating a framework for empirical analysis. Based on data for 93 countries from 1960-1990,a growth equation is estimated incl. the standard regressors and a new proxy for financial activity (here as: fin-acty.) and interaction effects of the latter with catching-up, education, and physical capital accumulation. Fin-acty. generally has a positive impact on economic growth. The countries are ranked as to their degree of corporatism, institutional quality, democracy, market orientation and characteristics of their financial systems. It is shown that the f-g-nxs. is indeed contingent on socio-economic factors. Specifically, the growth effect of a given level of fin-acty. is higher in more law enforcing and more corporatist countries, whereas the results are inconclusive with respect to democracy, market orientation and financial structure. |
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