A nonparametric model of financial system and economic growth

Mishra, Sagarika and Narayan, Paresh Kumar 2015, A nonparametric model of financial system and economic growth, International review of economics and finance, vol. 39, pp. 175-191, doi: 10.1016/j.iref.2015.04.004.

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Title A nonparametric model of financial system and economic growth
Author(s) Mishra, SagarikaORCID iD for Mishra, Sagarika orcid.org/0000-0003-0590-225X
Narayan, Paresh KumarORCID iD for Narayan, Paresh Kumar orcid.org/0000-0001-7934-8146
Journal name International review of economics and finance
Volume number 39
Start page 175
End page 191
Total pages 17
Publisher Elsevier
Place of publication Amsterdam, The Netherlands
Publication date 2015-09-01
ISSN 1059-0560
Keyword(s) Economic growth
Financial system
Nonparametric model
Summary In this paper, we show that in the proposed models for economic growth, the financial system variables are generally nonparametric. We, thus, use a nonparametric panel data model to estimate the financial system-economic growth relationship. Our results suggest that as long as a country's domestic credit and private credit are above their cross-sectional mean they have a positive effect on GDP growth. We also discover that market capitalisation positively and significantly impacts GDP growth, while stocks traded (with the exception of OECD countries) has a statistically insignificant effect on GDP growth.
Language eng
DOI 10.1016/j.iref.2015.04.004
Field of Research 150202 Financial Econometrics
Socio Economic Objective 900199 Financial Services not elsewhere classified
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2015, Elsevier
Persistent URL http://hdl.handle.net/10536/DRO/DU:30076576

Document type: Journal Article
Collections: Faculty of Business and Law
School of Accounting, Economics and Finance
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