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首页> 外文期刊>The quarterly review of economics and finance >Financial development and economic growth: New evidence from panel data
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Financial development and economic growth: New evidence from panel data

机译：金融发展与经济增长：面板数据的新证据

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This study provides evidence on the role of financial development in accounting for economic growth in low- and middle-income countries classified by geographic regions. To document the relationship between financial development and economic growth, we estimate both panel regressions and variance decompositions of annual GDP per capita growth rates to examine what proxy measures of financial development are most important in accounting for economic growth over time and how much they contribute to explaining economic growth across geographic regions and income groups. We find a positive relationship between financial development and economic growth in developing countries. Moreover, short-term multivariate analysis provides mixed results: a two-way causality relationship between finance and growth for most regions and one-way causality from growth to finance for the two poorest regions. Furthermore, other variables from the real sector such as trade and government expenditure play an important role in explaining economic growth. Therefore, it seems that a well-functioning financial system is a necessary but not sufficient condition to reach steady economic growth in developing countries.
机译：这项研究提供了证据，证明了在按地理区域分类的中低收入国家中，金融发展在解释经济增长中的作用。为了记录金融发展与经济增长之间的关系，我们估计了人均GDP年增长率的面板回归和方差分解，以研究哪些金融发展的代理指标对于衡量一段时间内的经济增长最为重要，以及它们对经济增长的贡献如何。解释地理区域和收入群体的经济增长。我们发现发展中国家的金融发展与经济增长之间存在积极关系。此外，短期多变量分析提供了混合的结果：在大多数地区，金融与增长之间存在双向因果关系，而在两个最贫困地区，金融与增长之间存在因果关系。此外，来自实体部门的其他变量，例如贸易和政府支出，在解释经济增长方面也起着重要作用。因此，运转良好的金融体系似乎是实现发展中国家稳定经济增长的必要但不充分的条件。

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