Yes / We conduct a meta-analysis of the literature of financial development and economic growth. We cover a large number of empirical studies and estimations that have been published in journal articles. We measure the degree of heterogeneity and identify the causes of the observed differentiation. Among the most significant factors behind this heterogeneity is the choice of financial-variable proxies, the kind of data used as well as whether a study takes into account the issue of endogeneity. Our results suggest that the empirical literature on the finance–growth nexus is not free from publication bias. Also, a genuine positive effect exists between financial development and economic growth.
| Identifer | oai:union.ndltd.org:BRADFORD/oai:bradscholars.brad.ac.uk:10454/7168 |
| Date | 2014 August 1927 |
| Creators | Magkonis, Georgios, Arestis, P., Chortareas, G. |
| Source Sets | Bradford Scholars |
| Language | English |
| Detected Language | English |
| Type | Article, Accepted manuscript |
| Rights | © 2014 Wiley This is the peer reviewed version of the following article: Arestis P, Chortareas G and Magkonis G (2014) The financial development and growth nexus: A meta-analysis. Journal of Economic Surveys. 29(3): 549-565, which has been published in final form at http://dx.doi.org/10.1111/joes.12086. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving. |
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