Scandinavian Working Papers in Economics

SSE/EFI Working Paper Series in Economics and Finance,
Stockholm School of Economics

No 176: Finance and Economic Growth. The Case of Sweden 1834-1991

Pontus Hansson and Lars Jonung ()
Additional contact information
Pontus Hansson: Department of Economics, Postal: Lund University,P.O. 7082, S-220 07 LUND, SWEDEN
Lars Jonung: Department of Economics, Postal: Stockholm School of Economics, Box 6501, S-113 83 STOCKHOLM, SWEDEN

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

JEL-codes: O16

27 pages, June 1997

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