SSE/EFI Working Paper Series in Economics and Finance
Pontus Hansson and Lars Jonung
Finance and Economic Growth. The Case of Sweden 1834-1991
Abstract: This study examines the long-run relationship between
finance and economic growth in Sweden from the 1830s until the 1990s using
recently developed econometric techniques for tests of cointegration. The
role of investment, education and technological progress (patents) is
accounted for as well in order to assess the relative importance of the
development of the financial system for growth performance. A fairly unique
set of long-run data is employed. To our knowledge, no tests of this kind
have been reported previously, at least not for the European experience.
The estimated contribution of the financial system to economic growth is
shown to depend crucially on the time period studied and the variables
included in the analysis.
Keywords: Financial development; economic growth; cointegration; Sweden; (follow links to similar papers)
JEL-Codes: O16; (follow links to similar papers)
27 pages, June 1997
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