Scandinavian Working Papers in Economics

Nationaløkonomisk tidsskrift,
Nationaløkonomisk Forening

Finansiel udvikling og økonomisk vækst

2001, Volume 2001, issue 1, pp. 79-95

Thomas Barnebeck Andersen
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Thomas Barnebeck Andersen: Development Economics Research Group (DERG), Økonomisk Institut, Københavns Universitet, Postal: Øster Farimagsgade 5, DK-1353 Copenhagen K, Denmark

Abstract: Recent time-series studies, using cointegration techniques, have found evidence of causality from financial sector development to economic growth in South Korea, India and Thailand. In this paper, the cointegration-based studies are examined by using a newly-developed modified WALD test. This test fails to establish causality. Theory and other empirical evidence support this result. Hence, we argue that finan cial liberalization based on the assumption that financial sector development will automa - tically boost economic growth is not likely to be successful.

Keywords: finansiel udvikling; vækst

JEL-codes: A10

Language: Danish

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