Finansiel udvikling og økonomisk vækst

Thomas Barnebeck Andersen
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Thomas Barnebeck Andersen: Development Economics Research Group (DERG), Økonomisk Institut, Københavns Universitet, Postal: Øster Farimagsgade 5, DK-1353 Copenhagen K, Denmark

Nationaløkonomisk tidsskrift, 2001, vol. 2001, issue 1, 79-95

Abstract: Recent time-series studies, using cointegration techniques, have found evidence of causality from financial sector development to economic growth in South Korea, India and Thailand. In this paper, the cointegration-based studies are examined by using a newly-developed modified WALD test. This test fails to establish causality. Theory and other empirical evidence support this result. Hence, we argue that finan cial liberalization based on the assumption that financial sector development will automa - tically boost economic growth is not likely to be successful.

Keywords: finansiel udvikling; vækst (search for similar items in EconPapers)
JEL-codes: A10 (search for similar items in EconPapers)
Date: 2001
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