Moment conditions are derived for dynamic linear panel data models with linear individual specific effects in the mean and multiplicative individual effects in the conditional ARCH type variance function. The relation and correlation between the linear and multiplicative effects are...

Research on the impact of financial development on economic growth remains inconclusive. Previous empirical examination of the link is based on aggregate GDP on the presumption that each economic sector responds identically to financial development. However, the extent of credit utilisation, as...