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The Finance-Growth Nexus in Europe: A Comparative Meta-Analysis of Emerging Markets and Advanced Economies

Shigeki Ono, Ichiro Iwasaki () and 一郎 岩﨑

No 94, RRC Working Paper Series from Russian Research Center, Institute of Economic Research, Hitotsubashi University

Abstract: This paper performs a meta-analysis of the effect on economic growth of financial development and liberalization in European emerging markets and compares with that in European advanced economies. A meta-synthesis of 893 estimates extracted from 45 studies suggests that finance in emerging markets have a positive effect on growth. Furthermore, our findings indicate that the synthesized effect size in emerging markets was smaller than that in advanced economies. Results from meta-regression analysis and test for publication selection bias, however, show that some synthesis results cannot be reproduced when literature heterogeneity and publication selection bias are taken into consideration.

Keywords: financial development and liberalization; economic growth; meta-analysis; publication selection bias; European emerging markets and advanced economies (search for similar items in EconPapers)
JEL-codes: E44 O16 O52 P24 P33 (search for similar items in EconPapers)
Pages: 56 pages
Date: 2021-12
New Economics Papers: this item is included in nep-ban, nep-cwa, nep-fdg, nep-isf and nep-mac
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https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/72502/RRC_WP_No94.pdf

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