FINANCIAL DEVELOPMENT AND GROWTH: A PANEL SMOOTH REGRESSION APPROACH

Jude Comlanvi Eggoh

46 citations0/0 files storedJournal of Economic Development

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Monetary Policy and Economic Impact Economic Growth and Productivity Economic Growth and Development

Abstract

In this paper, we propose an original framework to determine the relative influence of series of variables on the linkage between financial development and economic growth. Based on panel threshold regression models, we establish country-specific and time-specific finance-growth coefficients for 71 countries, both developed and developing, from 1960 to 2004. The results show that inflation rate, ratio of government consumption, degree of openness to trade and financial development affect the non-linearity between financial development and growth, and have the greatest influence on the relationship of two variables.

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References

1999Threshold effects in non-dynamic panels: Estimation, testing, and inference 2005The Effect of Financial Development on Convergence: Theory and Evidence*2001Threshold Effects in the Relationship between Inflation and Growth 2003Finance and the Sources of Growth at Various Stages of Economic Development 2002Inflation thresholds and the finance–growth nexus 2002Non-linearity between finance and growth 1996ECONOMIC GROWTH, CONVERGENCE CLUBS, AND THE ROLE OF FINANCIAL DEVELOPMENT 2003An Empirical Reassessment of the Relationship between Finance and Growth

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2020OIL RENT, GEOPOLITICAL RISK AND BANKING SECTOR PERFORMANCE 2019Foreign direct investment, financial development and economic growth in Africa: evidence from threshold modeling 2015Asymmetric cointegration and causality effects between financial development and economic growth in South Africa 2020In search of inflation limits for financial sector development in ECOWAS and SADC regions: A panel smooth transition analysis 2013FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: A NEW INVESTIGATION

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