Financial Development, Structure and Growth: New Data, Method and Results

Kul Luintel (), Mosahid Khan, Roberto Leon-Gonzalez and Guangjie Li
Additional contact information
Mosahid Khan: World Intellectual Property Organization, Geneva
Guangjie Li: Cardiff Business School

No 15-27, GRIPS Discussion Papers from National Graduate Institute for Policy Studies

Abstract: The existing weight of evidence suggests that financial structure (the classification of a financial system as bank-based versus market-based) is irrelevant for economic growth. This contradicts the common belief that the institutional structure of a financial system matters. We re-examine this issue using a novel dataset covering 69 countries over 1989-2011 in a Bayesian framework. Our results are conformable to the belief - a market-based system is relevant - with sizable economic effects for the high-income but not for the middle-and-low-income countries. Our findings provide a counterexample to the weight of evidence. We also identify a regime shift in 2008.

Pages: 48 pages
Date: 2016-03
New Economics Papers: this item is included in nep-fdg
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (28)

Downloads: (external link)
https://grips.repo.nii.ac.jp/?action=repository_ac ... bute_id=20&file_no=1 (application/pdf)
Our link check indicates that this URL is bad, the error code is: 403 Forbidden (https://grips.repo.nii.ac.jp/?action=repository_action_common_download&item_id=1347&item_no=1&attribute_id=20&file_no=1 [302 Moved Temporarily]--> https://grips.repo.nii.ac.jp/record/1347/files/DP15-27.pdf [302 FOUND]--> https://nrjjxl1nnwb4.compat.objectstorage.ap-tokyo-1.oraclecloud.com/contents/grips_repo_nii_ac_jp/0a/1a/7573-abb8-4a4d-acd4-c6dcf1e05c82/data?response-content-type=application%2Foctet-stream&response-content-disposition=attachment%3B%20filename%3DDP15-27.pdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=2933d73c5ea35b566afd770d1a6af5c853196a77%2F20260808%2Fap-tokyo-1%2Fs3%2Faws4_request&X-Amz-Date=20260808T102307Z&X-Amz-Expires=60&X-Amz-SignedHeaders=host&X-Amz-Signature=d3986c3a113eb925ab6349ab3bdd6edb57cc16081a2fca52c2d3bd21d92eddd3)

Related works:
Journal Article: Financial development, structure and growth: New data, method and results (2016)
Working Paper: Financial Development, Structure and Growth: New Data, Method and Results (2016)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ngi:dpaper:15-27

Access Statistics for this paper

More papers in GRIPS Discussion Papers from National Graduate Institute for Policy Studies Contact information at EDIRC.
Bibliographic data for series maintained by ( this e-mail address is bad, please contact ).