Financial development and long-run growth : is the cross-sectional evidence robust?

Andini, Corrado; Andini, Monica

http://hdl.handle.net/10400.3/4755

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Authors

Andini, Corrado

Andini, Monica

Abstract(s)

In a seminal paper, Levine et al. (2000) provide cross-sectional evidence on the causal positive impact of financial development on the mean of the conditional long-run growth distribution, in a sample of 71 countries. Using the same data-set, we argue that the impact of financial development of the median of the conditional growth distribution is doubtful. In addition, we find that the mean-based results due to Levine et al. (2000) are not robust to the presence of three outliers: Korea (Republic of), Malta and Taiwan.

Keywords

Economic Growth Financial Development

URI

http://hdl.handle.net/10400.3/4755

Citation

Andini, Corrado; Andini, Monica (2007). Financial development and long-run growth: is the cross-sectional evidence robust?, "Working Paper Series", 10, 13 pp.. Ponta Delgada: Universidade dos Açores, CEEAplA-A.