Thesis on financial development and economic growth

I use the legal origins of countries and potential settler mortality for Europeans during the colonial era in order to extract the exogenous component of the measures of financial-intermediary development.

I find that log settler mortality rates better explain the differences in the levels of development of financial sectors of countries today, than when using legal origins of countries. The results from a GMM-IV estimate reveal a strong, positive causality of the exogenous component of financial-intermediary development on long-run economic growth. Economic Development -- Cross-cultural studies Financial institutions -- Cross-cultural studies.

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Electronic Theses and Dissertations. Advanced Search. Privacy Copyright. Further, we find that the positive effect of financial development on growth disappears and even becomes negative once we use our extended data set of 86 countries over the period This last finding is consistent with Rousseau and Wachtel The third chapter explores the relationship between inequality and growth in the context of a unified empirical approach suggested by the theoretical model of Galor and Moav Based on that model, we construct a new measure, the human capital to physical capital ratio, which is used to study threshold effects in the inequality-growth relationship.

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Methodologically, we use threshold regression with instruments, developed by Caner and Hansen , which allows us to endogenously identify the threshold human capital to physical capital ratio that alters the inequality-growth relationship. Using data on 82 countries, our results show that there exist significant threshold effects, with a level of the human capital to physical capital ratio below which the effect of inequality on growth is positive and significant, whereas it is negative and significant above it.

CSEP Paper 0: Rethinking the Role of the Financial Sector in Economic Growth

We also test the robustness of our results using different measures of the human capital to physical capital ratio. These results are consistent with the theoretical predictions of Galor and Moav The University of Manchester.