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What Type of Finance Matters for Growth? Bayesian Model Averaging Evidence

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creativeworkseries.issn1564-698X
dc.contributor.authorHasan, Iftekhar
dc.contributor.authorHorvath, Roman
dc.contributor.authorMares, Jan
dc.date.accessioned2019-12-04T22:29:59Z
dc.date.available2019-12-04T22:29:59Z
dc.date.issued2018-06
dc.description.abstractWe examine the effect of finance on long-term economic growth using Bayesian model averaging to address model uncertainty in cross-country growth regressions. The literature largely focuses on financial indicators that assess the financial depth of banks and stock markets. We examine these indicators jointly with newly developed indicators that assess the stability and efficiency of financial markets. Once we subject the finance-growth regressions to model uncertainty, our results suggest that commonly used indicators of financial development are not robustly related to long-term growth. However, the findings from our global sample indicate that one newly developed indicator—the efficiency of financial intermediaries—is robustly related to long-term growth.en
dc.identifier.citationWorld Bank Economic Review
dc.identifier.doi10.1596/32782
dc.identifier.issn1564-698X
dc.identifier.urihttps://hdl.handle.net/10986/32782
dc.publisherPublished by Oxford University Press on behalf of the World Bank
dc.relation.ispartofseriesWorld Bank Economic Review
dc.rightsCC BY-NC-ND 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/igo
dc.subjectFINANCIAL MARKETS
dc.subjectPRIVATE SECTOR
dc.subjectBAYESIAN MODEL
dc.subjectBANKING
dc.subjectSTOCK MARKETS
dc.subjectBOND MARKET
dc.subjectFINANCIAL INTERMEDIATION
dc.titleWhat Type of Finance Matters for Growth? Bayesian Model Averaging Evidenceen
dc.typeJournal Articleen
dc.typeArticle de journalfr
dc.typeArtículo de revistaes
dspace.entity.typePublication
okr.crossref.titleWhat Type of Finance Matters for Growth? Bayesian Model Averaging Evidence
okr.date.disclosure2019-12-04
okr.doctypePublications & Research::Journal Article
okr.doctypePublications & Research
okr.identifier.doi10.1093/wber/lhw029
okr.identifier.doi10.1596/32782
okr.journal.nbpages383-409
okr.language.supporteden
okr.peerreviewAcademic Peer Review
okr.topicFinance and Financial Sector Development::Banks & Banking Reform
okr.topicFinance and Financial Sector Development::Finance and Development
okr.topicFinance and Financial Sector Development::Financial Intermediation
okr.topicFinance and Financial Sector Development::Non Bank Financial Institutions
okr.topicFinance and Financial Sector Development::Securities Markets Policy & Regulation
okr.topicMacroeconomics and Economic Growth::Economic Theory & Research
okr.volume32(2)
relation.isJournalIssueOfPublicationd1189676-b24a-437a-8088-d58e708fcfa7
relation.isJournalIssueOfPublication.latestForDiscoveryd1189676-b24a-437a-8088-d58e708fcfa7
relation.isJournalOfPublicationc41eae2f-cf94-449d-86b7-f062aebe893f
relation.isJournalVolumeOfPublication89b4635a-7f55-4d29-b749-5d397ea2bd38
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