568
Views
9
CrossRef citations to date
0
Altmetric
Original Articles

The long-run relation among financial development, technology and GDP: a panel cointegration study

, &
Pages 1021-1034 | Published online: 05 Apr 2011

References

  • Ang , JB and McKibbin , WJ . 2007 . Financial liberalization, financial sector development and growth: evidence from Malaysia . Journal of Development Economics , 84 : 215 – 33 .
  • Becchetti , L and Adriani , F . 2005 . Does the digital divide matter? The role of information and communication technology in cross-country level and growth estimates . Economics of Innovation and New Technology , 14 : 435 – 53 .
  • Beck , T , Levine , R and Loayza , N . 2000 . Finance and the sources of growth . Journal of Financial Economics , 58 : 261 – 300 .
  • Braun , M and Raddatz , C . 2008 . The politics of financial development: evidence from trade liberalization . Journal of Finance , 63 : 1469 – 508 .
  • Chiang , M-H and Kao , C . 2000 . On the estimation and inference of a cointegrated regression in panel data . Advances in Econometrics , 15 : 179 – 222 .
  • Christopoulos , DK and Tsionas , EG . 2004 . Financial development and economic growth: evidence from panel unit root and cointegration tests . Journal of Development Economics , 73 : 55 – 74 .
  • Demirguc-Kunt , A . 2006 . Finance and economic development: policy choices for developing countries , The World Bank Working Paper Series No. 3955 Washington, DC : World Bank .
  • Demirguc-Kunt , A and Levine , R . 2001 . Financial Structures and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development , Cambridge : MIT Press .
  • Engle , RF and Granger , CWJ . 1987 . Co-integration and error correction: representation, estimation, and testing . Econometrica , 55 : 251 – 76 .
  • Goldsmith , R . 1969 . Financial Structure and Development , New Haven : Yale University Press .
  • Greenwood , J and Jovanovic , B . 1990 . Financial development, growth and the distribution of income . Journal of Political Economy , 98 : 1076 – 107 .
  • Gutierrez , L . 2003 . On the power of panel cointegration tests: a Monte Carlo comparison . Economics Letters , 80 : 105 – 11 .
  • Kao , C . 1999 . Spurious regression and residual-based tests for cointegration in panel data . Journal of Econometrics , 90 : 1 – 44 .
  • King , RG and Levine , R . 1993a . Finance and growth: Schumpeter might be right . The Quarterly Journal of Economics , 108 : 717 – 37 .
  • King , RG and Levine , R . 1993b . Finance, entrepreneurship and growth . Journal of Monetary Economics , 32 : 1 – 30 .
  • Kuznets , S . 1955 . Economic growth and income inequality . American Economic Review , 45 : 1 – 28 .
  • La Porta , R , de Silane , FL , Shleifer , A and Vishny , RW . 1998 . Law and finance . Journal of Political Economy , 106 : 1113 – 55 .
  • Levine , R . 1997 . Financial development and economic growth: views and agenda . Journal of Economic Literature , 35 : 688 – 726 .
  • Lewis , W . 1955 . The Theory of Economic Growth George Allen and Unwin, London
  • Lucas , RJ . 1988 . On the mechanics of economic development . Journal of Monetary Economics , 22 : 3 – 42 .
  • Luintel , B and Khan , M . 1999 . A quantitative re-assessment of the finance-growth nexus: evidence from a multivariate VAR . Journal of Development Economics , 60 : 381 – 405 .
  • O’Mahony , M and Vecchi , M . 2005 . Quantifying the impact of ICT capital on output growth: a heterogeneous dynamic panel approach . Economica , 72 : 615 – 33 .
  • Pedroni , P . 1999 . Critical values for cointegration tests in heterogeneous panels with multiple regressors . Oxford Bulletin of Economics and Statistics , 61 : 653 – 70 .
  • Pedroni , P . 2004 . Panel cointegration; asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis . Econometric Theory , 20 : 597 – 625 .
  • Rajan , R and Zingales , L . 1998 . Financial dependence and growth . American Economic Review , 88 : 559 – 86 .
  • Robinson, J. (1952) The Rate of Interest and Other Essays, Macmillan, London.
  • Schumpeter , J . 1912 . Theorie der Wirtschaftlichen Entwicklung (The Theory of Economic Development) Duncker & Humblot, Leipzig
  • Shamim , F . 2007 . The ICT environment, financial sector and economic growth: a crosscountry analysis . Journal of Economic Studies , 34 : 352 – 70 .
  • Stock , J and Watson , M . 1993 . A simple estimator of cointegrating vectors in higher order integrated systems . Econometrica , 61 : 783 – 820 .
  • Stulz , RM and Williamson , R . 2003 . Culture, openness, and finance . Journal of Financial Economics , 70 : 313 – 49 .
  • Wagner, M. and Hlouskova, J. (2010) The performance of panel cointegration methods: results from a large scale simulation study, Econometric Reviews, 29, 182–223.
  • Yartey , CA . 2008 . Financial development, the structure of capital markets, and the global digital divide . Information Economics and Policy , 20 : 208 – 27 .

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.