Financial developments and the rate of growth of output: An alternative approach

B. Rao, Artur Tamazian, Rup Singh and Krishna Chaitanya Vadlamannati

MPRA Paper from University Library of Munich, Germany

Abstract: This paper uses a new specification and approach to estimate the effects of financial developments on the steady state rate of growth of output in India, Malaysia, Korea, Thailand and the Philippines for the period 1970 to 2006. These growth effects, though small, are found to be significant except for the Philippines. The trend rate of growth of total factor productivity (TFP), which is due to the omitted but trended variables, is the highest for Malaysia and moderate for India and Thailand. However, TFP is insignificant or negative in the Philippines and Korea.

Keywords: Growth Rates. Financial developments; Solow Model; Country Specific Steady State (search for similar items in EconPapers)
JEL-codes: N01 O10 O16 O33 O43 (search for similar items in EconPapers)
Date: 2008-05-07
New Economics Papers: this item is included in nep-cwa and nep-sea
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

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