Causal Links between Financial Activity and Economic Growth: Empirical Evidence from a Cross-Country Analysis, 1970-1990

Michael Graff

Bulletin of Economic Research, 2002, vol. 54, issue 2, 119-33

Abstract: To clarify the causal links between financial activity and economic growth, a series of path models is estimated. It is shown that during the 1970s and 1980s finance was predominantly a supply-leading determinant of economic growth. The data suggest, however, that there has been a structural change and that from about 1975-80, finance was far less beneficial--and possibly even detrimental--to growth. Copyright 2002 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research

Date: 2002
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