Financial structure and economic growth: the role of heterogeneity
In this article we use Bayesian classification and finite mixture models to extract information from Levine's (2002) cross-country database and reconsider the relationship between financial structure and long-run economic growth. Our methods, based on statistical similarities and multi-dimensional structures, allow for parameter heterogeneity across the countries in Levine's database and yield substantially different findings than Levine's regarding the relationship between financial structure and economic performance.
Year of publication: |
2007
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Authors: | Pinno, Karl ; Serletis, Apostolos |
Published in: |
Applied Financial Economics. - Taylor & Francis Journals, ISSN 0960-3107. - Vol. 17.2007, 14, p. 1129-1139
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Publisher: |
Taylor & Francis Journals |
Saved in:
Online Resource
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