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Financial development, institutional investors, and economic growth

Jose L. Ruiz

International Review of Economics & Finance, 2018, vol. 54, issue C, 218-224

Abstract: This study analyzes the nonlinear relationship between financial development under the presence of institutional investors (assets in insurance companies, mutual funds, and pension funds, as a percentage of GDP) and economic growth. The analysis considers data on 116 economies obtained from the World Bank for the period 1991–2014. We examine both industrialized and developing economies using a dynamic panel threshold technique. We find that countries below the finance threshold grow less and those above the threshold grow faster. In addition, in the industrialized economies, institutional investors have a positive effect on the growth of GDP per capita.

Keywords: Economic growth; Financial development; Institutional investors (search for similar items in EconPapers)
JEL-codes: E44 I25 O40 O47 (search for similar items in EconPapers)
Date: 2018
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