Khalil Mhadhbi. New Proxy of Financial Development and Economic Growth in Medium-Income Countries: A Bootstrap Panel Granger Causality Analysis.
. 2014; 2(4):185-192. doi: 10.12691/AJAMS-2-4-2
causality, financial development, economic growth, bootstrapping, panel data
This work is licensed under a Creative Commons Attribution 4.0 International License. To view a copy of this license, visit
[1] | Akinboade, O.A, Financial development and economic growth in Botswana: a test for causality. Savings and Development. 1998, 223, 331-348. |
|
[2] | Andrews, D. W. K., Buchinsky, M. Evaluation of a Three-step Method for Choosing the Number of Bootstrap Repetitions, Journal of Econometrics, 2001, 103, 345-386. |
|
[3] | Ang, J.B. Survey of recent developments in the literature of finance and growth. J. Econ. Surv, 2008, 22 3, 536-576. |
|
[4] | Apergis, N., Filippidis, I., Economidou, C, Financial deepening and economic growth linkages: a panel data analysis. Review of World Economics, 2007, 1431, 179-198. |
|
[5] | Arcand J., Berkes, E., Panizza, U, Too Much Finance? International Monetary Fund.Research Department, 2012. |
|
[6] | Arestis, P., Demetriades, P., Luintel, K, Financial Development and Economic Growth: The Role of Stock Markets. Journal of Money, Credit, & Banking, 2001, 33, 16-41. |
|
[7] | Bagehot, W, Lombard Street. Homewood, IL: Richard D. Irwin. 1962. |
|
[8] | Barro, R., Lee, JW, International measures of schooling years and schooling quality. American Economic Review, Papers and Proceedings, 1996. 86: 218-223. |
|
[9] | Beck, T., Levine, R., Loayza, N, Finance and the sources of growth. Journal of Financial Economics, 2000, 58, 261-300. |
|
[10] | Beck, T. Levine, R, Stock Markets, Banks, and Growth: Panel Evidence. Journal of Banking and Finance, 2004, 283, 423-442. |
|
[11] | Bhattarcharyay, BN, Development of financial infrastructure: an international comparison. Savings and Development, 1988, 12, 307-319. |
|
[12] | Bittencourt, M, Financial development and economic growth in Latin America: is schumpeter right? Journal of Policy Modeling; 2012, 343, 341-355. |
|
[13] | Breusch, T Pagan, A, The LM test and its Application to Model Specification in Econometrics. Review of Economic Studies, 1980, 47, 239-254 |
|
[14] | Chang, TY., Hsieh, WK, Does Insurance Activity Promote Output? Further Evidence Based on Bootstrap Panel Granger Causality Test. Working paper Feng Chia University, 2012. |
|
[15] | Chang, TY., Simo-Kengne, BD., Gupta, R, The Causal Relationship between House Prices and Economic Growth in the Nine Provinces of South Africa: Evidence from Panel-Granger Causality Tests. Working Paper. University of Pretoria, 2013. |
|
[16] | Clague, C., Keefer, P., Knack, S., Mancur, O, Institutions and economic performance, in: C. Clague Ed. Institutions and Economic Development, 1997, pp. 67-90 Baltimore, MD: Johns Hopkins University Press. |
|
[17] | Deidda, L., Fattouh, B, Non-linearity between finance and growth. Economics Letters, 2002, 743, 339-345. |
|
[18] | Demetriades, P.O., Hussein, K.A, Does financial development cause economic growth? Time series evidence from 16 countries. Journal of Development Economics, 1996, 512, 87-411. |
|
[19] | Demirgüç-Kunt, A., Levine, R, Bank-based and market-based financial systems, cross-country comparisons. World Bank Policy Research Working Paper, 1999. No. 2143, Washington DC. |
|
[20] | Enders, W, Applied Econometric Time Series, 2nd ed., Wiley, 2004. |
|
[21] | Ergungor, EO, . International Review of Economics & Finance, 2008, 17, 292-305. |
|
[22] | Favara, G, An Empirical Reassessment of the Relationship between Finance and Growth. Washington, DC: IMF. 2003. |
|
[23] | Goldsmith, RW, Financial Structure and Development. New Haven: Yale University Press. 1969. |
|
[24] | Goldsmith, RW, Premodern Financial Systems. A Historical Comparative Study Cambridge: Cambridge University Press. 1987. |
|
[25] | Graff, M, Socio-Economic Factors and the Finance-Growth Nexus. The European Journal of Finance 11, 183-205. |
|
[26] | Graff, M, 2001. Economies, political, and social conditions affecting the influence of financial activity on economic growth. Paper submission to SPIE 7 Annual conference. 2005. |
|
[27] | Graff, M, Causal Links Between Financial Activity and Economic Growth: Empirical Evidence from a Cross-Country Analysis, 1970-1990. Bulletin of Economic Research, 2002, 54, 119-133. |
|
[28] | Harberger, AC, A Vision of the Growth Process. American Economic Review, 1998, 88: 1-33. |
|
[29] | Hicks, J, A theory of economic history. Oxford: Clarendon Press. 1969. |
|
[30] | Kaminsky, GL., Reinhart, CM, The twin crises: the causes of banking and balance-of- payments problems. The American Economic Review Evanston, 1999, 8903, 473-500. |
|
[31] | Kar, M., Nazlogluc, S., Agr, H, Financial development and economic growth nexus in the MENA countries: Bootstrap panel granger causality analysis. Economic Modelling, 2010. 28, 685-693. |
|
[32] | Khan, M. S., Senhadji, A, Threshold Effects in the Relationship between Inflation and Growth. IMF Working Paper, 2000, No. 00/110 |
|
[33] | Kirkpatrick, C, Financial Development, Economic Growth and Poverty Reduction. Mahboob Ul Haq Memorial Lecture at 16th AGM of PSDE, January 2000. |
|
[34] | Kónya, L, Exports and growth: Granger causality analysis on OECD Countries with a panel data approach. Economic Modelling, 2006. 23, 978-992. |
|
[35] | La Porta, R., Lopez-de-Silanes, F., Shleifer, A, Capital market and legal institutions. NBER Working Paper, 1998, n 6727. |
|
[36] | La Porta, R., Lopez-de-Silanes, F., Shleifer, A, The Economic Consequences of Legal Origins. Journal of Economic Literature, 2008, 46, 285-332. |
|
[37] | Levine, R., Loayza, N., Beck, T, Financial intermediation and growth: causality and causes. Journal of Monetary Economics, 2000, 46, 31-77. |
|
[38] | Liang, Q., Teng, J.Z, Financial development and economic growth: evidence from China. China Economic Review, 2006, 174, 395-411. |
|
[39] | Luintel, R., Khan, M, A quantitative re-assessment of the finance-growth nexus: evidence from a multivariate VAR. Journal of Development Economics, 1999, 60, 381-405. |
|
[40] | McKinnon, R.I,. Money and capital in economic development. Washington, DC: Brookings Institution. |
|
[41] | Murinde, V, 2012. Financial development and economic growth: global and African experience. J. Afr. Econ, 197, 21 Suppl. 1, i10-i56. |
|
[42] | Nazlioglu, S., Lebe, F., Kayhan, S, Nuclear Energy Consumption and Economic Growth in OECD Countries: Cross-sectionally Dependent Heterogeneous Panel Causality Analysis. Energy Policy, 2011, 39, 6615-6621. |
|
[43] | North, DC, Institutions, Institutional Change and Economic Performance. Cambridge: Cambridge University Press. 1990. |
|
[44] | Odhiambo, N.M, Is financial development still a spur to economic growth? A causal evidence from South Africa. Savings and Development, 2004, 28, 47-62. |
|
[45] | Odhiambo, N.M, Financial depth, savings and economic growth in Kenya: a dynamic casual relationship. Economic Model, 2008, 254, 704-713. |
|
[46] | Odhiambo, N.M, Finance-investment-growth nexus in South Africa: an ARDL bounds testing procedure. Econ Change Restruct, 2010, 43, 205-219. |
|
[47] | Pesaran, M.H, General Diagnostic Tests for Cross Section Dependence in Panels. CESifo Working Paper 1229; IZA Discussion Paper, 2004, 1240. |
|
[48] | Pesaran, M.H., Ullah, A., Yamagata, T, A bias-adjusted LM test of error cross section independenc. Econometrics Journal, 2008, 11, 105-127. |
|
[49] | Rajan, R., Zingales, L, Financial dependence and growth. American Economic Review, 1998, 883, 559-586. |
|
[50] | Rousseau, PL., Wachtel, P, What is happening to the impact of financial deepening on economic growth? Economic Inquiry, 2011, 491, 276-288. |
|
[51] | Rousseau, P.L., Vuthipadadorn, D, Finance, investment and growth: time series evidence from 10 Asian Economies. Journal of Macroeconomics, 2005, 27, 87-106. |
|
[52] | Sarafidis, V., Robertson, D, On the impact of error cross-sectional dependence in short dynamic panel estimation. Econometrics Journal, 2009, 12, 62-81. |
|
[53] | Schumpeter, J.A, The theory of economic development. Harvard University Press, Cambridge, MA. 1911. |
|
[54] | Schumpeter, J. A, Theorie der Wirtschaftlichen Entwickiung [The theory of economic development]. Leipzig: Dunker& Humblot, 1912; translated by Redvers Opie. Cambridge, MA: Harvard U. Press. 1934. |
|
[55] | Shaw, E. S, Financial Deepening in Economic Development. Oxford University Press, New York. 1973. |
|
[56] | Tekin, R.B, Economic growth, exports and foreign direct investment in Least Developed Countries: A panel Granger causality analysis, Economic Modelling, 2012. |
|
[57] | Wachtel, P, How Much Do We Really Know about Growth and Finance? Economic Review, 2003, 88, 33-48. |
|
[58] | Williamson, O.E, The Economic Institutions of Capitalism. New York: Free Press. 1985. |
|
[59] | Wood, A, Financial development and economic growth in Barbados, causal evidence. Savings and Development, 1993, 174, 379-390. |
|
[60] | Zang, H., Kim, Y.C, Does financial development precede growth? Robinson and Lucas might be right. Applied Economics Letters, 2007, 14, 15-19. |
|
[61] | Zellner, A, An efficient method of estimating seemingly unrelated regressions and tests for aggregation bias. Journal of the American Statistical Association, 1962, 57, 348-368. |
|