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Finance and economic growth: new evidence from time series analysis (1961--2009)

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  • Ernesto R. Gantman
  • Marcelo P. Dabós

Abstract

Using time series techniques that deal with the problem of cross-sectional dependence and relax the constraint that the slope parameters of the independent variables should be the same for all countries, we demonstrate that financial development does not have a significant influence upon economic growth.

Suggested Citation

  • Ernesto R. Gantman & Marcelo P. Dabós, 2013. "Finance and economic growth: new evidence from time series analysis (1961--2009)," Applied Economics Letters, Taylor & Francis Journals, vol. 20(9), pages 893-896, June.
    • Handle: RePEc:taf:apeclt:v:20:y:2013:i:9:p:893-896
    DOI: 10.1080/13504851.2012.761332
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    References listed on IDEAS

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    6. Christopoulos, Dimitris K. & Tsionas, Efthymios G., 2004. "Financial development and economic growth: evidence from panel unit root and cointegration tests," Journal of Development Economics, Elsevier, vol. 73(1), pages 55-74, February.
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    8. M. Hashem Pesaran, 2006. "Estimation and Inference in Large Heterogeneous Panels with a Multifactor Error Structure," Econometrica, Econometric Society, vol. 74(4), pages 967-1012, July.
    9. Eberhardt, Markus & Teal, Francis, 2008. "Modeling technology and technological change in manufacturing: how do countries differ?," MPRA Paper 10690, University Library of Munich, Germany.
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    Cited by:

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    2. Michiel Bijlsma & Andrei Dubovik, 2014. "Banks, Financial Markets and Growth in Developed Countries: a Survey of the empirical literature," CPB Discussion Paper 266.rdf, CPB Netherlands Bureau for Economic Policy Analysis.

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