Manufacturing growth and financial development: evidence from OECD Countries
Manufacturing growth and financial development: evidence from OECD Countries
Recent theoretical models conjecture that the development of the financial sector is essential for economic growth. We investigate this hypothesis from a time-series perspective and find that financial sector GDP is cointegrated for many OECD countries not so much with manufacturing GDP but mostly with manufacturing total factor productivity. Moreover, this relation is in some instances characterized by long-run causality in the sense of Granger and Lin. However, even within this homogeneous group of countries, the variety of results suggests a more complex picture than is apparent from cross-sectional evidence.
638-646
Kugler, Maurice
4c79c98c-1810-4351-bf16-faeec2227e45
Neusser, Klaus
88a9e05b-630c-4727-a6e5-d4ac0b49f59a
November 1998
Kugler, Maurice
4c79c98c-1810-4351-bf16-faeec2227e45
Neusser, Klaus
88a9e05b-630c-4727-a6e5-d4ac0b49f59a
Kugler, Maurice and Neusser, Klaus
(1998)
Manufacturing growth and financial development: evidence from OECD Countries.
Review of Economics and Statistics, 80 (4), .
(doi:10.1162/003465398557726).
Abstract
Recent theoretical models conjecture that the development of the financial sector is essential for economic growth. We investigate this hypothesis from a time-series perspective and find that financial sector GDP is cointegrated for many OECD countries not so much with manufacturing GDP but mostly with manufacturing total factor productivity. Moreover, this relation is in some instances characterized by long-run causality in the sense of Granger and Lin. However, even within this homogeneous group of countries, the variety of results suggests a more complex picture than is apparent from cross-sectional evidence.
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Published date: November 1998
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Local EPrints ID: 34589
URI: http://eprints.soton.ac.uk/id/eprint/34589
PURE UUID: 1a1007e5-d3a4-44b3-b058-6338b3b9e10e
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Date deposited: 22 Jan 2008
Last modified: 15 Mar 2024 07:48
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Author:
Maurice Kugler
Author:
Klaus Neusser
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