384
Views
5
CrossRef citations to date
0
Altmetric
Articles

Level and dynamics of financial depth: consequences for volatility of GDP

ORCID Icon & ORCID Icon

References

  • Aghion, P., A. Banerjee, and T. Piketty. 1999. “Dualism and Macroeconomic Volatility.” Quarterly Journal of Economics 114 (4): 1359–1397.
  • Aghion, P., G.-M. Angeletos, A. Banerjee, and K. Manova. 2010. “Volatility and Growth: Credit Constraints and the Composition of Investment.” Journal of Monetary Economics 57 (3): 246–265.
  • Arcand, J.-L., E. Berkes, and U. Panizza. 2015. “Too Much Finance?” Journal of Economic Growth 20 (2): 105–148.
  • Arellano, M., and S. Bond. 1991. “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations.” Review of Economic Studies 58 (2): 277–297.
  • Bailey, N., G. Kapetanios, and M. Hashem Pesaran. 2016. “Exponent of Cross-Sectional Dependence: Estimation and Inference.” Journal of Applied Econometrics 31 (6): 929–960.
  • Baltagi, B. H. 2013. Econometric Analysis of Panel Data. 5th ed. New York: Wiley.
  • Beck, T. 2013. “Finance for Development: A Research Agenda.” DEGRP Research Report. DFID-ESRC Growth Research Programme.
  • Beck, T., H. Degryse, and C. Kneer. 2014. “Is More Finance Better? Disentangling Intermediation and Size Effects of Financial Systems.” Journal of Financial Stability 10 (Supplement C): 50–64.
  • Beck, T., M. Lundberg, and G. Majnoni. 2006. “Financial Intermediary Development and Growth Volatility: Do Intermediaries Dampen or Magnify Shocks?” Journal of International Money and Finance 25 (7): 1146–1167.
  • Belotti, F., G. Hughes, and A. P. Mortari. 2013. “XSMLE: Stata Module for Spatial Panel Data Models Estimation.” In Statistical Software Components. Boston College Department of Economics, March.
  • Bernanke, B., and M. Gertler. 1990. “Financial Fragility and Economic Performance.” Quarterly Journal of Economics 105 (1): 87–114.
  • Brunnermeier, M. K., and Y. Sannikov. 2014. “A Macroeconomic Model with A Financial Sector.” American Economic Review 104 (2): 379–421.
  • Cecchetti, S. G., A. Flores-Lagunes, and S. Krause. 2006. “Assessing the Sources of Changes in the Volatility of Real Growth.” NBER Working Papers 11946. Cambridge, MA: National Bureau of Economic Research.
  • Cecchetti, S. G., and E. Kharroubi. 2012. “Assessing the Impact of Finance on Growth.” BIS Working Paper No 381. Basel: Bank for International Settlements.
  • Claessens, S., M. A. Kose, and M. E. Terrones. 2012. “How Do Business and Financial Cycles Interact?” Journal of International Economics 87 (1): 178–190.
  • Da Silva, S. H. R., B. M. Tabak, D. O. Cajueiro, and D. M. Fazio. 2017. “Economic Growth, Volatility and Their Interaction: What’s the Role of Finance?” Economic Systems 41 (3): 433–444.
  • Dabla-Norris, E., and N. Srivisal. 2013. “Revisiting the Link between Finance and Macroeconomic Volatility.” IMF Working Papers 13/29. Washington DC: International Monetary Fund.
  • De Hoyos, R. E., and V. Sarafidis. 2006. “Testing for Cross-Sectional Dependence in Panel-Data Models.” Stata Journal 6 (4): 482–496.
  • Denizer, C. A., M. F. Iyigun, and A. Owen. 2002. “Finance and Macroeconomic Volatility.” The B.E. Journal of Macroeconomics 2 (1): 1–32.
  • Easterly, W., R. Islam, and J. E. Stiglitz. 2001. “Shaken and Stirred: Explaining Growth Volatility” In B Pleskovic and J E Stiglitz (eds.), Annual World Bank Conference on Development Economics 2000, Washington, DC: World Bank. doi: https://doi.org/10.1596/0-8213-4981-3
  • Elhorst, J. P. 2005. “Unconditional Maximum Likelihood Estimation of Linear and Log-Linear Dynamic Models for Spatial Panels.” Geographical Analysis 37 (1): 85–106.
  • Elhorst, J. P. 2014. “Spatial Econometrics. From Cross-Sectional Data to Spatial Panels.” Berlin-Heidelberg: Springer.
  • Elhorst, J. P., M. Gross, and E. Tereanu. 2018. “Spillovers in Space and Time: Where Spatial Econometrics and Global VAR Models Meet.” Working Paper Series 2134. European Central Bank. https://ideas.repec.org/p/ecb/ecbwps/20182134.html.
  • Islam, R. 2016. “Financial Systems, Growth, and Volatility: Searching for the Perfect Fit.” Policy Research Working Paper Series 7723. Washington, DC: World Bank.
  • Jordà, O., M. Schularick, and A. M. Taylor. 2011. “Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons.” IMF Economic Review 59 (2): 340–378.
  • Jordà, O., M. Schularick, and A. M. Taylor. 2013. “When Credit Bites Back.” Journal of Money, Credit and Banking 45 (s2): 3–28.
  • Kiyotaki, N. 1998. “Credit and Business Cycles.” Japanese Economic Review 49 (1): 18–35.
  • Kiyotaki, N., and J. Moore. 1997. “Credit Cycles.” Journal of Political Economy 105 (2): 211–248.
  • Lee, L.-F., and J. Yu. 2010. “A Spatial Dynamic Panel Data Model with Both Time and Fixed Effects.” Econometric Theory 26 (2): 564–597.
  • Ma, Y., and K. Song. 2017. “Financial Development and Macroeconomic Volatility”. Bulletin of Economic Research 70 (3): 205-225. Accepted for publication.
  • Mallick, D. 2014. “Financial Development, Shocks, and Growth Volatility.” Macroeconomic Dynamics 18 (3): 651–688.
  • Pesaran, H. 2004. “General Diagnostic Tests for Cross Section Dependence in Panels.” Working Paper 1129. Munich: CESifo Group Munich.
  • Pesaran, M. H. 2015. “Testing Weak Cross-Sectional Dependence in Large Panels.” Econometric Reviews 34 (6–10): 1089–1117.
  • Ph., Lane, and G. Milesi-Ferretti. 2007. “The External Wealth Of Nations Mark Ii: Revised and Extended Estimates Of Foreign Assets and Liabilities, 1970–2004.” Journal Of International Economics 73 (2): 223-250.
  • Pinheiro, T., F. Rivadeneyra, and M. Teignier. 2017. “Financial Development, Credit, and Business Cycles.” Journal of Money, Credit and Banking 49 (7): 1653–1665.
  • Rajan, R. G. 2005. “Has Financial Development Made the World Riskier?” Working Paper 11728. Cambridge, MA: National Bureau of Economic Research.
  • Ramey, G., and V. A. Ramey. 1995. “Cross-Country Evidence on the Link between Volatility and Growth.” American Economic Review 85 (5): 1138–1151.
  • Roodman, D. 2009. “How to Do Xtabond2: An Introduction to Difference and System GMM in Stata.” Stata Journal 9 (1): 86–136.
  • Sarafidis, V. 2016. “Neighbourhood GMM Estimation of Dynamic Panel Data Models.” Computational Statistics and Data Analysis 100: 526–544.
  • Sarafidis, V., and T. Wansbeek. 2012. “Cross-Sectional Dependence in Panel Data Analysis.” Econometric Reviews 31 (5): 483–531.
  • Schularick, M., and A. M. Taylor. 2012. “Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870–2008.” American Economic Review 102 (2): 1029–1061.
  • Stolbov, M. 2017. “Causality between Credit Depth and Economic Growth: Evidence from 24 OECD Countries.” Empirical Economics 53 (2): 493–524.
  • Wang, P., Y. Wen, and Z. Xu. 2017. “Financial Development and Long-Run Volatility Trends.” Review of Economic Dynamics 28: 221–251.
  • Yang, Z. 2018. “Unified M-Estimation of Fixed-Effects Spatial Dynamic Models with Short Panels.” Journal of Econometrics 205 (2): 423–447.
  • Yu, J., R. de Jong, and L.-F. Lee. 2008. “Quasi-Maximum Likelihood Estimators for Spatial Dynamic Panel Data with Fixed Effects When Both N and T are Large.” Journal of Econometrics 146 (1): 118–134.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.