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Erschienen in:
2000 | OriginalPaper | Buchkapitel
Causal Links Between Financial Activity and Economic Growth: Evidence From Two-Wave Model Estimations
verfasst von : Michael Graff
Erschienen in: Financial Structure and Stability
Verlag: Physica-Verlag HD
Enthalten in: Professional Book Archive
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To clarify the causal links between financial activity and economic growth, a series of two-wave path models is estimated. It is shown that during the 70s and 80s finance was predominantly a supply-leading determinant of economic growth. The data suggest, however, that from about 1975-80, finance was far less beneficial – and possibly even detrimental – to growth.