Financial Development, Reforms and Growth
Spyridon Boikos (),
Theodore Panagiotidis and
Additional contact information
Spyridon Boikos: Department of Economics, University of Macedonia, Greece
Working Paper series from Rimini Centre for Economic Analysis
Is there any specific structure of the financial system which promotes economic growth or does this structure depend on the level of economic growth itself? Financial development and financial reforms affect economic growth, but less is known on how this effect varies across different levels of the conditional distribution of the growth rates. We examine this by using panel data for 81 countries for more than 30 years. We account for unobserved heterogeneity and operate within alternative econometric approaches. The findings indicate that financial reforms are important determinants of growth, especially when a country faces relatively low levels of economic growth. Financial development does matter for growth, however, the size and significance of the effect vary. Financial reforms affect economic growth more than financial development. We reveal that the components of financial reforms, which are more important for economic growth, are the supervision of banks and the regulation of securities markets.
Keywords: Financial Development; Financial Reforms; Economic Growth; Quantile Regression; Panel Data (search for similar items in EconPapers)
JEL-codes: C21 C23 G10 G20 O16 O40 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ban, nep-cwa, nep-fdg and nep-gro
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
Journal Article: Financial development, reforms and growth (2022)
Working Paper: Financial Development, Reforms and Growth (2022)
Working Paper: Financial Development, Reforms and Growth (2021)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:rim:rimwps:21-24
Access Statistics for this paper
More papers in Working Paper series from Rimini Centre for Economic Analysis Contact information at EDIRC.
Bibliographic data for series maintained by Marco Savioli ().