Economic development and the finance–growth nexus: a meta-analytic approach

Ichiro Iwasaki and Shigeki Ono

Applied Economics, 2024, vol. 56, issue 57, 8021-8038

Abstract: We investigate whether the impacts of financial development and liberalization on economic growth vary across different stages of development, which remains unaddressed in the literature on the finance–growth nexus. In the analysis, a comparative meta-analysis was performed for studies of advanced, developing, and emerging market economies, using 6,135 estimates extracted from a total of 379 previous works. The results have significant implications for studies of the finance–growth nexus. In particular, the impacts of financial development and liberalization on economic growth do not vary across different stages of development.

Date: 2024
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Working Paper: Economic Development and the Finance-Growth Nexus: A Meta-Analytic Approach (2023)
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DOI: 10.1080/00036846.2023.2289921

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