The moderating role of shadow banking on the finance-growth nexus

Mugabil Isayev and Omar Farooq

Applied Economics Letters, 2025, vol. 32, issue 7, 1002-1007

Abstract: This study uses data from 28 countries to document the moderating role of shadow banking on the finance-growth nexus during the period between 2010 and 2020. Employing both static (fixed effects and random effects with Driscoll-Kraay standard errors) and dynamic (two-step System GMM) panel estimators, the findings reveal that the marginal effects of financial development on economic growth increases with the levels of shadow banking activity prevailing in the country.

Date: 2025
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DOI: 10.1080/13504851.2023.2298422

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