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FINANCE AND GROWTH NEXUS: WHAT ROLE FOR INSTITUTIONS IN DEVELOPED AND DEVELOPING COUNTRIES?

Helmi Hamdi|ABDELAZIZ HAKIMI|RASHID SBIA
경제연구소 (Hanyang Economic Research Institute)|2017.12|Journal of Economic Development|제42권 제4호|pp. 1-22|DOI 10.35866/caujed.2017.42.4.001

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키워드

growthFinanceinstitutionsdeveloped and developing countries
주제분류경제학

초록

The main purpose of this paper is to investigate the relationship between financial sector development and economic growth taking into consideration the role of institutions quality. Our sample is on a group of 143 countries observed during the period of 2006-2013. The sample is dived into 100 developing and 43 developed countries. Using structural GMM the paper shows that financial sector plays a crucial role in economic development and growth for the whole sample as well as for developed and developing countries. However, the results show that unlike developing countries, developed countries enjoyed the presence of proper institutions in their countries which in turn have contributed further to the development of their financial sector.

Abstract

The main purpose of this paper is to investigate the relationship between financial sector development and economic growth taking into consideration the role of institutions quality. Our sample is on a group of 143 countries observed during the period of 2006-2013. The sample is dived into 100 developing and 43 developed countries. Using structural GMM the paper shows that financial sector plays a crucial role in economic development and growth for the whole sample as well as for developed and developing countries. However, the results show that unlike developing countries, developed countries enjoyed the presence of proper institutions in their countries which in turn have contributed further to the development of their financial sector.

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