Abstract
To clarify the causal links between financial activity and economic growth, a series of two-wave path models is estimated. It is shown that during the 70s and 80s finance was predominantly a supply-leading determinant of economic growth. The data suggest, however, that from about 1975-80, finance was far less beneficial – and possibly even detrimental – to growth.
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© 2000 Springer-Verlag Berlin Heidelberg
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Graff, M. (2000). Causal Links Between Financial Activity and Economic Growth: Evidence From Two-Wave Model Estimations. In: Karmann, A. (eds) Financial Structure and Stability. Contributions to Economics. Physica, Heidelberg. https://doi.org/10.1007/978-3-642-57674-4_20
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DOI: https://doi.org/10.1007/978-3-642-57674-4_20
Publisher Name: Physica, Heidelberg
Print ISBN: 978-3-7908-1332-6
Online ISBN: 978-3-642-57674-4
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