Does Too Much Finance Harm Economic Growth?
Does Too Much Finance Harm Economic Growth?
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DOI：
10.2139/ssrn.3039190
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发表时间：
2013-10
期刊：
影响因子：
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通讯作者：
S. Law;Nirvikar Singh
中科院分区：
文献类型：
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作者：
S. Law;Nirvikar Singh
本文采用一种创新的动态面板阈值技术，为金融与经济增长的关系提供了新的证据。样本包括87个发达国家和发展中国家。实证结果表明，我国金融与经济增长的关系存在门槛效应。特别是，我们发现，金融发展的水平是有益的增长，只有达到一定的阈值，超过阈值水平的金融进一步发展往往会对增长产生不利影响。这些研究结果表明，更多的金融不一定有利于经济增长，并强调了“最佳”金融发展水平在促进增长方面更为重要。
This study provides new evidence on the relationship between finance and economic growth using an innovative dynamic panel threshold technique. The sample consists of 87 developed and developing countries. The empirical results indicate that there is a threshold effect in the finance–growth relationship. In particular, we find that the level of financial development is beneficial to growth only up to a certain threshold; beyond the threshold level further development of finance tends to adversely affect growth. These findings reveal that more finance is not necessarily good for economic growth and highlight that an “optimal” level of financial development is more crucial in facilitating growth.