0466516 - ÚTIA 2019 RIV US eng J - Článek v odborném periodiku
Iftekhar, H. - Horváth, Roman - Mareš, J.
What Type of Finance Matters for Growth? Bayesian Model Averaging Evidence.
World Bank Economic Review. Roč. 32, č. 2 (2018), s. 383-409. ISSN 0258-6770. E-ISSN 1564-698X
Grant CEP: GA ČR GA16-09190S
Institucionální podpora: RVO:67985556
Klíčová slova: long-term economic growth * Bayesian model * uncertainty
Obor OECD: Economic Theory
Impakt faktor: 1.797, rok: 2018 ; AIS: 1.4, rok: 2018
Web výsledku:
http://library.utia.cas.cz/separaty/2017/E/horvath-0466516.pdf

DOI: https://doi.org/10.1093/wber/lhw029

We examine the effect of finance on long-term economic growth using Bayesian model
averaging to address model uncertainty in cross-country growth regressions. The literature
largely focuses on financial indicators that assess the financial depth of banks and
stock markets. We examine these indicators jointly with newly developed indicators
that assess the stability and efficiency of financial markets. Once we subject the finance growth
regressions to model uncertainty, our results suggest that commonly used indicators
of financial development are not robustly related to long-term growth. However,
the findings from our global sample indicate that one newly developed indicator-the
efficiency of financial intermediaries-is robustly related to long-term growth.
Trvalý link: http://hdl.handle.net/11104/0270593