Financial development, investment, and economic growth

Economic Inquiry

Volumn 38, Issue 2, 2000, Pages 331-344

  Xu, Zhenhui ^a  

^a GEORGIA COLLEGE AND STATE UNIVERSITY   (United States)

Author keywords

Economic growth; Financial development; Impulse response; Investment; Vector autoregression

Indexed keywords

EID: 0034381580     PISSN: 00952583     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.1465-7295.2000.tb00021.x     Document Type: Article

References (40)

1. Arellano, Manuel, and Stephen Bond. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and An Application to Employment Equations." Review of Economic Studies, 58, 1991, 277-97.
2. Bencivenga, Valerie R., and Bruce D. Smith. "Financial Intermediation and Endogenous Growth." Review of Economic Studies, 58, 1991, 195-209.
3. Bencivenga, Valerie R., Bruce D. Smith, and Ross M. Starr. "Transaction Costs, Technological Choice, and Endogenous Growth." Journal of Economic Theory, 67, 1995, 153-77.
4. Bordo, Michael D., and Lars Jonung. The Long-Run Behavior of the Velocity of Circulation. New York: Cambridge University Press, 1987.
5. Buffie, Edward F. "Financial Repression, the New Structuralists, and Stabilization Policy in Semi-industrialized Economies." Journal of Development Economics, 14, 1984, 305-22.
6. Feldman, David H., and Ira N. Gang. "Financial Development and the Price of Services." Economic Development and Cultural Exchange, 38, 1990, 341-52.
7. Fry, Maxwell J. "Money and Capital or Financial Deepening in Economic Development?" Journal of Money, Credit and Banking, 10, 1978, 464-75.
8. _. Money, Interest, and Banking in Economic Development. Baltimore: Johns Hopkins University Press, 1988.
9. Fuller, Wayne A. Introduction to Statistical Time Series. New York: Wiley, 1976.
10. Goldsmith, Raymond W. Financial Structure and Development. New Haven, Conn.: Yale University Press, 1969.
11. Granger, Clive W. J. "Investigating Causal Relations by Econometric Models and Cross Spectral Methods." Econometrica, 37, 1969, 424-38.
12. Green, William H. Econometric Analysis. Upper Saddle River, N.J.: Prentice-Hall, 1997.
13. Hamilton, James D. Time Series Analysis. Princeton, N.J.: Princeton University Press, 1994.
14. Jao, Y. C. "Financial Deepening and Economic Growth: a Cross-Section Analysis." Malayan Economic Review, 21, 1976, 47-58.
15. Jung, Woo S. "Financial Development and Economic Growth: International Evidence," Economic Development and Cultural Change, 34, 1986, 333-46.
16. King, Robert G., and Ross Levine. "Financial Indicators and Growth in a Cross Section of Countries." World Bank Working Paper, No. 819, 1992.
17. _. "Finance, Enterpreneurship, and Growth." Journal of Monetary Economics, 32, 1993a, 513-42.
18. _. "Finance and Growth: Schumpeter Might Be Right." Quarterly Journal of Economics, 108, 1993b, 717-37.
19. Lanyi, Anthony, and Rusdu Saracoglu. "Interest Rate Policies in Developing Countries." IMF Occasional Paper, 22, 1983.
20. Levine, Ross. "Stock Markets, Growth, and Tax Policy." Journal of Finance, 46, 1991, 1445-65.
21. Levine, Ross, and David Renelt. "A Sensitivity Analysis of Cross-Country Growth Regressions." American Economic Renew, 82, 1992, 942-63.
22. Lucas, Robert E. "On the Mechanics of Economic Development." Journal of Monetary Economics, 22, 1988, 3-42.
23. McKinnon, Ronald I. Money and Capital in Economic-Development. Washington D.C.: Brookings Institution, 1973.
24. Mills, Jeffrey A., and Kislaya Prasad. "A Comparison of Model Selection Criteria." Econometric Reviews, 11, 1992, 201-33.
25. Pagano, Marco. "Financial Markets and Growth: An Overview." European Economic Review, 37, 1993, 613-22.
26. Park, Joon Y., and Peter C. B. Phillips. "Statistical Inference in Regressions with Integrated Processes. Part 1." Econometric Theory, 4, 1988, 468-97.
27. _. "Statistical Inference in Regressions with Integrated Processes. Part 2." Econometric Theory, 5, 1989, 95-131.
28. Patrick, Hugh. "Financial Development and Economic Growth in Underdeveloped Countries." Economic Development and Cultural Change, 14, 1966, 174-89.
29. Robinson, Joan. "The Generalization of the General Theory." In The Rate of Interest and Other Essays. London: Macmillan, 1952, 69-142.
30. Schumpeter, Joseph A. The Theory of Economic Development, Cambridge, Mass.: Harvard University Press, 1911.
31. Schwarz, Gideon. "Estimating the Dimension of a Model." Annals of Statistics, 6, 1978, 461-64.
32. Shaw, Edward S. Financial Deepening in Economic Development, New York: Oxford University Press, 1973.
33. Sims, Christopher A. "Macroeconomics and Reality." Econometrica, 48, 1980, 1-48.
34. Sims, Christopher A., James H. Stock, and Mark W. Watson. "Inference in Linear Time Series Models with Some Unit Roots," Econometrica, 58, 1990, 113-44.
35. Stern, Nicholas. "The Economics of Development: A Survey." Economic Journal, 100, 1989, 597-685.
36. Thornton, John. "Financial Deepening and Economic Growth in Developing Economies." Applied Economics Letters, 3, 1996, 243-46.
37. Van Wijnbergen, Sweder. "Credit Policy, Inflation and Growth in a Financially Repressed Economy." Journal of Development Economics, 13, 1983, 45-65.
38. World Bank. World Data. Washington, D.C.: World Bank, 1995.
39. Xu, Zhenhui. "Export and Income Growth in Japan and Taiwan." Review of International Economics, 6, 1998, 220-33.
40. Xu, Zhenhui, and David. H. Feldman. "Financial Development and Real Price Level Differences." Renew of Development Economics, 3, 1999, 27-43.