Financial development and economic growth: The case of Taiwan

Applied Economics

Volumn 37, Issue 12, 2005, Pages 1329-1335

  Chang, Tsangyao ^a   Caudill, Steven B ^b  

^a FENG CHIA UNIVERSITY   (Taiwan)

^b AUBURN UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

ECONOMIC GROWTH; FINANCIAL MARKET; GROWTH RATE; MODELING;

ASIA; EASTERN HEMISPHERE; EURASIA; FAR EAST; TAIWAN; WORLD;

EID: 23144435358     PISSN: 00036846     EISSN: None     Source Type: Journal    
DOI: 10.1080/0003684042000338702     Document Type: Article

References (29)

1. Akaike, H. (1974) A new look at the statistical model identification, IEEE Transaction on Automatic Control, AC-19, 716-23.
2. Ahmed, S. M. and Ansari, M. I. (1998) Financial sector development and economic growth: the South-Asian experience, Journal of Asian Economics, 9(3), 503-17.
3. Banerjee, A., Lunsdanie, R. L. and Stock, J. H. (1992) Recursive and sequential tests for a unit root: theory and international evidence, Journal of Business and Economic Statistics, 10, 271-87.
4. Cheng, B. S. (1999) Cointegration and causality between financial development and economic growth in South Korea and Taiwan, Journal of Economic Development, 24(1), 23-38.
5. Cheung, Y. and Lai, K. (1993) Finite-sample sizes of Johansen's likelihood ratio tests for cointegration, Oxford Bulletin of Economics and Statistics, 55, 313-28.
6. Darrat. A. F. (1999) Are financial deepening and economic growth causally related? Another look at the evidence, International Economic Journal, 13(3), 19-35.
7. Demetriades, P. O. and Hussein, K. H. (1996) Does financial development cause economic growth? Time-series evidence from 16 countries, Journal of Development Economics, 51, 387-411.
8. Engle, R. and Granger, C. W. J. (1987) Cointegration and error correction: representation, estimation, and testing, Econometrica, 55, 251-76.
9. Ghali, K. H. (1999) Financial development and economic growth: the Tunisian experience, Review of Development Economics, 3(3), 310-22.
10. Granger, C. W. J. (1986) Developments in the study of co-integrated economic variables, Oxford Bulletin of Economics and Statistics, 48, 213-28.
11. Granger, C. W. J. (1988) Some recent developments in a concept of causality, Journal of Econometrics, 39, 199-211.
12. Hsiao, C. (1979) Causality in econometrics, Journal of Economic Dynamics and Control, 4, 321-46.
13. Hsiao, C. (1981) Autoregressive modeling and money-income causality detection, Journal of Monetary Economics, 7, 85-106.
14. Johansen, S. (1988) Statistical analysis of cointegration vectors, Journal of Economic Dynamics and Control, 12, 231-54.
15. Johansen, S. and Juselius, K. (1990) Maximum likelihood estimation and inference on cointegration - with applications to the demand for money, Oxford Bulletin of Economics and Statistics, 52, 169-210.
16. Jung, W. S. (1986) Financial development and economic growth: international evidence, Economic Development and Cultural Change, 32, 333-46.
17. Kwiatkowski, D., Phillips, P., Schmidt, P. and Shin, Y. (1992) Testing the null hypothesis of stationarity against the alternative of a unit root: how sure are we that economic time series have a unit root?, Journal of Econometrics, 54, 159-78.
18. Lee, J., Huang, C. J. and Shin, Y. (1997) On stationary tests in the presence of structural breaks, Economics Letters, 55, 165-72.
19. Luintel, K. B. and Khan, M. (1999) A quantitative reassessment of the finance-growth nexus: evidence from a multivariate VAR, Journal of Development Economics, 60, 381-405.
20. Murinde, V. and Eng, F. S. H. (1994) Financial development and economic growth in Singapore: demand-following or supply-following, Applied Financial Economics, 4, 391-404.
21. Newey, W. and West, K. (1987) A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix, Econometrica, 55, 703-8.
22. Osterwald-Lenum, M. (1992) A note with quantiles of the asymptotic distribution of the maximum likelihood cointegration rank test statistics, Oxford Bulletin of Economics and Statistics, 54, 461-72.
23. Patrick, H. (1966) Financial development and economic growth in underdeveloped countries, Economic Development and Cultural Change, 14, 174-89.
24. Perron, P. (1989) The great crash, the oil price shock and the unit root hypothesis, Econometrica, 57(6), 1361-401.
25. Perron, P. (1990) Testing for a unit root in a time series with a changing mean, Journal of Business and Economic Statistics, 8 (2), 153-62.
26. Spears, A. (1992) The role of financial intermediation in economic growth in Sub-Saharan Africa, Canadian Journal of Development Studies, 13, 361-80.
27. Thornton, J. (1996) Financial deepening and economic growth in developing economies, Applied Economics Letters, 3, 243-46.
28. Thornton, D. and Batten, D. S. (1985) Lag-length selection and tests of Granger causality between money and income, Journal of Money, Credit, and Banking, 17, 164-78.
29. Zivot, E. and Andrews, D. W. K. (1992) Further evidence on the great crash, the oil-price shock, and the unit root hypothesis, Journal of Business and Economic Statistics, 10, 251-70.