Banking and Economic Growth : Causality in Cointegrated Systems for 15 Countries 

作成者 天野, 昌功
作成者の別表記 AMANO, Masanori
日本十進分類法 (NDC) 330
内容 This paper sets up VAR systems with cointegration relations and error-correction mechanisms for 15 developing countries. Regression results are then used to infer the direction of causality between financial development and real-side development. Our VAR systems show that in six countries, real-side development preceded and caused financial development; in four countries, the causality ran in the opposite direction; two countries exhibited bi-directional causality; and in the remaining three countries, the causal direction was not decided. Hence our analysis shows that the causal relationship exhibits no regular pattern, in contrast to the results from cross-country regression analyses so far presented. The paper also casts some doubt on the Patrick hypothesis, according to which 'finance→output' causality is followed by 'output→finance' causality in a typical development process.
公開者 千葉大学経済学会
コンテンツの種類 紀要論文 Departmental Bulletin Paper
DCMI資源タイプ text
ファイル形式 application/pdf
ISSN 0912-7216
NCID AN10005358
掲載誌情報 千葉大学経済研究 Vol.20 no.1 page.83-101 (20050629)
情報源 Economic journal of Chiba University
言語 英語
著者版フラグ publisher

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