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'Finance And Growth' Re-Loaded


Méndez, Lizethe; Ongena, Steven (2020). 'Finance And Growth' Re-Loaded. Journal of Financial Management, Markets and Institutions, 80(1):2050001.

Abstract

We test whether the relationship between finance and growth is present in 48 countries over 20 different periods of an equal length of 15 years, starting in 1980 (to 1995) and ending in 1999 (to 2014). We estimate growth regressions using an IV approach and we find that (1) overall financial development had a positive effect on economic growth for almost all our studied periods, (2) the legal system is the primary determinant of the effectiveness of the overall financial system, and (3) financial services were relevant for economic growth even during the financial crisis of 2008. This research is part of a research agenda revisiting the finance–growth nexus using up-to-date empirical methodologies.

Abstract

We test whether the relationship between finance and growth is present in 48 countries over 20 different periods of an equal length of 15 years, starting in 1980 (to 1995) and ending in 1999 (to 2014). We estimate growth regressions using an IV approach and we find that (1) overall financial development had a positive effect on economic growth for almost all our studied periods, (2) the legal system is the primary determinant of the effectiveness of the overall financial system, and (3) financial services were relevant for economic growth even during the financial crisis of 2008. This research is part of a research agenda revisiting the finance–growth nexus using up-to-date empirical methodologies.

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Banking and Finance
Dewey Decimal Classification:330 Economics
Language:English
Date:1 July 2020
Deposited On:04 Dec 2020 08:47
Last Modified:04 Dec 2020 08:48
Publisher:Societa Editrice Il Mulino
ISSN:2282-717X
OA Status:Green
Free access at:Publisher DOI. An embargo period may apply.
Publisher DOI:https://doi.org/10.1142/S2282717X20500012
Official URL:https://www.worldscientific.com/doi/10.1142/S2282717X20500012
Related URLs:https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3274345 (Organisation)
Other Identification Number:merlin-id:19327

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