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The Finance-Growth Nexus in Latin America and the Caribbean: A Meta-Analytic Perspective

Ichiro Iwasaki

No 2021-04, CEI Working Paper Series from Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University

Abstract: This paper performs a meta-analysis of the effect of financial development and liberalization on macroeconomic growth in Latin America and the Caribbean using a total of 233 estimates collected from 21 previous works. Meta-synthesis of the collected estimates demonstrates that it is probable that financial development and liberalization enhance economic growth in the region, and these policy measures have the potential to have a meaningful impact on the real economy. The synthesis results also reveal that the choice of financial variables significantly affects reported estimates in the literature. Meta-regression analysis of literature heterogeneity and test for publication selection bias produce findings that are compatible with the synthesis results. The test results of publication selection bias also confirm that the existing literature contains genuine empirical evidence of the growth-promoting effect of finance in the region.

Keywords: financial development and liberalization; economic growth; meta-analysis; publication selection bias; Latin America and the Caribbean (search for similar items in EconPapers)
JEL-codes: E44 G10 O11 O16 O54 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2021-10
New Economics Papers: this item is included in nep-ban, nep-cfn, nep-dev, nep-fdg and nep-mac
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https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/72451/wp2021-04.pdf

Related works:
Journal Article: The finance-growth nexus in Latin America and the Caribbean: A meta-analytic perspective (2022) Downloads
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