Dörffel, Christoph; Draper, Peter; Freytag, Andreas; … - 2021
regressions, we find robust associations with inflation as well as financial sector development in the short and long-run, trade …/GDP in the long-run. The GMM results point only to inflation and trade as significant drivers in the long-run and investment … inflation and high trade openness take on a more critical role than government spending. Our results suggest that rudiments of …