The Finance and Growth Nexus Re-Examined: Do All Countries Benefit Equally?
IMF Working Papers, May 29, 2013
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- The Finance and Growth Nexus Re-Examined: Do All Countries Benefit Equally?
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Bibliographic details
- Authors: Adolfo Barajas, Ralph Chami, Reza Yousefi
- Published: May 29, 2013
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781484372104.001
Study overview
- Title: The Finance and Growth Nexus Re-Examined: Do All Countries Benefit Equally?
- Authors: Adolfo Barajas, Ralph Chami, Reza Yousefi
- Publication type: IMF Working Papers, Working Paper No. 2013/130
- Publication date: May 29, 2013
- Dataset coverage: 150 countries for the period 1975–2005
- Methodology: dynamic panel estimation
- Length: 47 pages
- Volume: 2013; Issue: 130
- DOI: https://doi.org/10.5089/9781484372104.001
- Stock No: WPIEA2013130
- ISBN: 9781484372104
- ISSN: 1018-5941
- Subject tags: Banking, Commercial banks, Commodities, Credit, Financial institutions, Financial markets, Money, National accounts, Oil, Personal income, Stock markets
- Keywords: bank financing, banking sector, banking system, Central Asia, Commercial banks, Credit, credit-GDP ratio, dependent variable, East Africa, Financial Access, Financial Development, GCC grouping, Growth, Inclusive Growth, MENA country, MENA depth, MENA growth underperformance, MENA region, Middle East, North Africa, number of observation, Oil, oil GDP, Personal income, private sector, Stock markets, Sub-Saharan Africa, WP, x GCC, x Middle East and North Africa
Main findings
- Dynamic panel estimation results suggest that the beneficial effect of financial deepening on economic growth:
- displays measurable heterogeneity across countries.
- is generally smaller in oil exporting countries.
- is generally smaller in certain regions, such as the Middle East and North Africa (MENA).
- is generally smaller in lower-income countries.
Further analysis and interpretation
- The observed heterogeneity in the finance-growth relationship might be driven by:
- regulatory/supervisory characteristics.
- differences in the ability to provide widespread access to financial services.
Key statistics and factual points (verbatim)
- Number of countries: 150
- Period covered: 1975–2005
- Pages: 47
- Publication date: May 29, 2013
- DOI: https://doi.org/10.5089/9781484372104.001
- Stock No: WPIEA2013130
- ISBN: 9781484372104
- ISSN: 1018-5941
Source: IMF Working Paper "The Finance and Growth Nexus Re-Examined: Do All Countries Benefit Equally?" by Adolfo Barajas, Ralph Chami, and Reza Yousefi (May 29, 2013).