A dynamic two-sector model for analyzing the interrelation between financial development and industrial growth

International Review of Economics and Finance

Volumn 9, Issue 3, 2000, Pages 223-241

  Wang, Eric C ^a  

^a NATIONAL CHUNG CHENG UNIVERSITY   (Taiwan)

Author keywords

Dynamic two sector model; Financial development; Industrial growth; O16; O53

Indexed keywords

EID: 0034216031     PISSN: 10590560     EISSN: None     Source Type: Journal    
DOI: 10.1016/S1059-0560(99)00052-0     Document Type: Article

References (40)

1. Arestis P., Demetriades P. Financial development and economic growth. Assessing the evidence The Economic Journal. 107(May):1997;783-799.
2. Bencivenga V.R., Smith B.D. Financial intermediation and endogenous growth. The Review of Economic Studies. 58:1991;195-209.
3. Chamber R.G. Applied Production Analysis. A Dual Approach:1988;Cambridge University Press, Cambridge.
4. Cooper R., John A. Coordinating coordination failures in Keynesian models. Quarterly Journal of Economics. 103(3):1988;441-463.
5. De Gregorio J., Guidotti P.E. Financial development and economic growth. World Development. 23(3):1995;433-448.
6. Demetriades P.O., Hussein K.A. Does financial development cause economic growth? Time-series evidence from 16 countries. Journal of Development Economics. 51:1996;387-411.
7. Feder G. On exports and economic growth. Journal of Development Economics. 12:1983;59-73.
8. Fritz R.G. Time series evidence on the causal relationship between financial deepening and economic development. Journal of Economic Development. 9:1984;91-111.
9. Fry M.J. Models of financial repressed developing economies. World Development. 10(9):1982;731-750.
10. Fry M.J. In favour of financial liberalisation. The Economic Journal. 107(May):1997;754-770.
11. Galbis V. Financial intermediation and economic growth in less developed countries. a theoretical approach Journal of Development Studies. 13:1977;58-72.
12. Goldsmith R.W. Financial Structure and Development. 1969;Yale University Press, New Haven.
13. nd ed:1993;Macmillan, New York.
14. Greenwood J., Jovanovic B. Financial development, growth and the distribution of income. Journal of Political Economy. 98:1990;1076-1107.
15. Jung W.S. Financial development and economic growth. international evidence Economic Development and Cultural Change. 35:1986;333-346.
16. King R.G., Levine R. Finance and growth. Schumpeter might be 'right' Quarterly Journal of Economics. 108:1993;717-737.
17. Kitagawa H. Financial liberalization in Asian countries. Kawagoe T., Sekiguchi S. East Asian Economies. Transformation and Challenges:1995;139-171 Institute of Southeast Asian Studies, Singapore.
18. Li K.T. The Evolution of Policy behind Taiwan's Development Success. 1988;Yale University Press, New Haven.
19. Lucas R.E. Some international evidence on output-inflation tradeoffs. American Economic Review. 63:1973;326-334.
20. Mathieson D.J. Financial reform and stabilization policy in a developing economy. Journal of Development Economics. 7(3):1980;359-395.
21. McKinnon R.I. Money and Capital in Economic Development. 1973;The Brookings Institution, Washington, DC.
22. Murinde V., Eng F.S.H. Financial development and economic growth in Singapore. demand-following or supply-leading? Applied Financial Economics. 4:1994;391-404.
23. Nerlove M. Adaptive expectations and cobweb phenomena. Quarterly Journal of Economics. 73:1958;227-240.
24. Odedokun M.O. Alternative econometric approaches for analyzing the role of the financial sector in economic growth. time-series evidence from LDCs Journal of Development Economics. 50:1996;119-146.
25. Pagano M. Financial markets and growth. an overview European Economic Review. 37:1993;613-622.
26. Patrick H.T. Financial development and economic growth in under-developed countries. Economic Development and Cultural Change. 14:1966;174-189.
27. Pindyck R.S., Rubinfeld D. Econometric Models and Economic Forecasts. 3rd ed:1991;McGraw-Hill, New York.
28. Poirier D.J. Piecewise regression using cubic spline. Journal of the American Statistical Association. 68:1973;515-524.
29. Poirier D.J., Garber S.G. The determinants of aerospace profit rates 1951-1971. Southern Economic Journal. 41:1974;228-238.
30. Quarterly National Income Statistics in Taiwan Area, ROC. (1996). Taipei: Directorate-General of Budget, Accounting and Statistics.
31. Ram R. Exports and economic growth in developing countries. evidence from time-series and cross-section data Economic Development and Cultural Change. 36(1):1987;51-72.
32. Roubini N., Sala-i-Martin X. Financial repression and economic growth. Journal of Development Economics. 39(July):1992;5-30.
33. Shaw E.S. Financial Deepening in Economic Development. 1973;Oxford University Press, New York.
34. Shea J.D. Taiwan. development and structural change of the financial system Patrick H.T., Park Y.C. The Financial Development of Japan, Korea, and Taiwan. Growth, Repression, and Liberalization:1994;222-287 Oxford University Press, New York.
35. Shea J.D., Yang Y.H. Financial system and economic development in Taiwan. Yu T.S., Lee J.S. Economic Policies and Economic Development. 1997;149-190 Chung-Hua Institute for Economic Research. (In Chinese), Taipei.
36. Spears A. Financial development and economic growth-causality tests. Atlantic Economic Journal. 19(3):1991;66.
37. The Trends in Multifactor Productivity, Taiwan Area, ROC. (1997). Taipei: Directorate-General of Budget, Accounting and Statistics.
38. Wang E.C. Externalities between financial and real sectors in the development process. International Advances in Economic Research. 5(1):1999;149-150.
39. World Bank World Development Report 1989. Financial Systems and Development:1989;Oxford University Press, New York.
40. Yang Y.H. Taiwan. development and structural change of the banking systems Patrick H.T., Park Y.C. The Financial Development of Japan, Korea, and Taiwan. Growth, Repression, and Liberalization:1994;288-324 Oxford University Press, New York.