期刊名称：Dresden Discussion Paper Series in Economics / Dresden University of Technology, Faculty of Business Management and Economics
印刷版ISSN：0945-4829
出版年度：2003
卷号：1
出版社：Dresden
摘要：An endogenous growth model with a financial sector is formulated, and empirical analyses are conducted. The model
exhibits structural shifts and breaks caused by institutional change, suggesting that a linear approach is inadequate. To
address this point empirically, we fit data for 90 countries from 1960–2000 to a standard growth equation with a proxy
for financial activity. Firstly, it is shown that a growth enhancing outcome of financial activity is contingent on a sound
institutional framework. Then, we order the sample by control variables which follow from the model as potential
causes of breaks in the adjustment process. Threshold regressions reveal non-linearity that is consistent with the model.
Most importantly, we find signs for excessive financial activity.
