Financial Development and Economic Growth: New Evidence

Financial systems around the world have undergone considerable development. This paper analyzes the effect of financial development on economic growth. It replicates the estimation of Beck et al. (2000), one of the pioneering research papers in this field. Then, it tests the sensibility of the resul...

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Detalles Bibliográficos
Autor: De la Cruz, Jennifer
Tipo de recurso: artículo
Estado:Versión publicada
Fecha de publicación:2020
País:Perú
Institución:Pontificia Universidad Católica del Perú
Repositorio:Revistas - Pontificia Universidad Católica del Perú
Idioma:inglés
OAI Identifier:oai:ojs.pkp.sfu.ca:article/21976
Acceso en línea:http://revistas.pucp.edu.pe/index.php/economia/article/view/21976
Access Level:acceso abierto
Palabra clave:Financial development
Economic growth
Dynamic panel analysis
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spelling Financial Development and Economic Growth: New EvidenceDe la Cruz, JenniferFinancial developmentEconomic growthDynamic panel analysisFinancial systems around the world have undergone considerable development. This paper analyzes the effect of financial development on economic growth. It replicates the estimation of Beck et al. (2000), one of the pioneering research papers in this field. Then, it tests the sensibility of the results by expanding the sample of countries (99) and the period (1961–2010). This study contributes to the literature by analyzing differentiated effects when a country’s economic conditions are incorporated. The results show that the positive impact of financial development on economic growth found by Beck et al. (2000) becomes non-significant if financial crises and macroeconomic instability periods are taken into account. However, if income per capita level is considered, the impact becomes positive and significant in high-income countries and decreases in low-income per capita countries. This impact is influenced by each country’s level of education, level of financial deepening, and average inflation rate over the last ten years.Pontificia Universidad Católica del Perú2020-04-22info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttp://revistas.pucp.edu.pe/index.php/economia/article/view/21976Economia; Vol. 43 No. 85 (2020); 47-64Economía; Vol. 43 Núm. 85 (2020); 47-642304-43060254-4415reponame:Revistas - Pontificia Universidad Católica del Perúinstname:Pontificia Universidad Católica del Perúinstacron:PUCPenghttp://revistas.pucp.edu.pe/index.php/economia/article/view/21976/21382Derechos de autor 2020 Jennifer De la Cruzhttps://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessoai:ojs.pkp.sfu.ca:article/219762021-05-07T04:56:08Z
dc.title.none.fl_str_mv Financial Development and Economic Growth: New Evidence
title Financial Development and Economic Growth: New Evidence
spellingShingle Financial Development and Economic Growth: New Evidence
De la Cruz, Jennifer
Financial development
Economic growth
Dynamic panel analysis
title_short Financial Development and Economic Growth: New Evidence
title_full Financial Development and Economic Growth: New Evidence
title_fullStr Financial Development and Economic Growth: New Evidence
title_full_unstemmed Financial Development and Economic Growth: New Evidence
title_sort Financial Development and Economic Growth: New Evidence
dc.creator.none.fl_str_mv De la Cruz, Jennifer
author De la Cruz, Jennifer
author_facet De la Cruz, Jennifer
author_role author
dc.subject.none.fl_str_mv Financial development
Economic growth
Dynamic panel analysis
topic Financial development
Economic growth
Dynamic panel analysis
description Financial systems around the world have undergone considerable development. This paper analyzes the effect of financial development on economic growth. It replicates the estimation of Beck et al. (2000), one of the pioneering research papers in this field. Then, it tests the sensibility of the results by expanding the sample of countries (99) and the period (1961–2010). This study contributes to the literature by analyzing differentiated effects when a country’s economic conditions are incorporated. The results show that the positive impact of financial development on economic growth found by Beck et al. (2000) becomes non-significant if financial crises and macroeconomic instability periods are taken into account. However, if income per capita level is considered, the impact becomes positive and significant in high-income countries and decreases in low-income per capita countries. This impact is influenced by each country’s level of education, level of financial deepening, and average inflation rate over the last ten years.
publishDate 2020
dc.date.none.fl_str_mv 2020-04-22
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
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dc.identifier.none.fl_str_mv http://revistas.pucp.edu.pe/index.php/economia/article/view/21976
url http://revistas.pucp.edu.pe/index.php/economia/article/view/21976
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv http://revistas.pucp.edu.pe/index.php/economia/article/view/21976/21382
dc.rights.none.fl_str_mv Derechos de autor 2020 Jennifer De la Cruz
https://creativecommons.org/licenses/by/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Derechos de autor 2020 Jennifer De la Cruz
https://creativecommons.org/licenses/by/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Pontificia Universidad Católica del Perú
publisher.none.fl_str_mv Pontificia Universidad Católica del Perú
dc.source.none.fl_str_mv Economia; Vol. 43 No. 85 (2020); 47-64
Economía; Vol. 43 Núm. 85 (2020); 47-64
2304-4306
0254-4415
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