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The effect of financial development on economic growth: evidence from the APEC countries, 1981-2000

Tang, Donny

Applied economics, 2006-09-10, Vol.38 (16), p.1889-1904 [Peer Reviewed Journal]

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Title:
The effect of financial development on economic growth: evidence from the APEC countries, 1981-2000
Author: Tang, Donny
Subjects: United Kingdom ; Economic development ; Management
Is Part Of: Applied economics, 2006-09-10, Vol.38 (16), p.1889-1904
Description: Using the modified growth model, this study examines whether financial development would facilitate economic growth among the Asia-Pacific Economic Cooperation (APEC) countries from 1981 to 2000. It focuses on the effects of three aspects of financial development on growth: stock market, banking sector and capital flow. To control for the country-specific effect, the model is further estimated for the developed and developing member countries. Results suggest that among the three financial sectors, only the stock market development shows strong growth-enhancing effect, especially among the developed member countries. This positive relationship remains very robust even after controlling for the simultaneity bias. Thus, there is no evidence to suggest that the level of financial infrastructure development does affect the overall finance-growth relationship observed in this study.
Publisher: Routledge
Language: English
Identifier: ISSN: 0003-6846
EISSN: 1466-4283
DOI: 10.1080/00036840500427239
Source: RePEc
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