Financial structure and economic growth: the role of heterogeneity

Karl Pinno and Apostolos Serletis ()

Applied Financial Economics, 2007, vol. 17, issue 14, pages 1129-1139

Abstract: In this article we use Bayesian classification and finite mixture models to extract information from Levine's (2002) cross-country database and reconsider the relationship between financial structure and long-run economic growth. Our methods, based on statistical similarities and multi-dimensional structures, allow for parameter heterogeneity across the countries in Levine's database and yield substantially different findings than Levine's regarding the relationship between financial structure and economic performance.

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