Abstract This paper investigates the dynamic causal relationship between bank-based financial development and economic growth, and between market-based financial development and economic growth in six countries during the period from 1980 to 2012. The causal relationship was found to vary largely across countries and over time. In general, bank-based financial development seems to Granger-cause economic growth in the UK and only in the long run in Australia. However, there is a feedback loop in Brazil and Australia, but only in the short run for the latter. In Kenya, South Africa and USA, the results support the neutrality hypothesis. The study results further indicate short-run unidirectional causality from market-based financial development to economic growth in the USA. Evidence of the feedback loop was found in Kenya, while the demand-following hypothesis found support only in South Africa and Brazil. However, the neutrality view was supported in Australia and the UK.

中文翻译：

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重新审视金融增长关系：来自六个国家的实证证据

摘要 本文考察了 1980 年至 2012 年 6 个国家银行金融发展与经济增长、市场金融发展与经济增长之间的动态因果关系。随着时间的推移。总的来说，以银行为基础的金融发展似乎对英国和澳大利亚的长期经济增长产生了影响。然而，巴西和澳大利亚存在反馈循环，但仅在短期内对后者而言。在肯尼亚、南非和美国，结果支持中立性假设。研究结果进一步表明了美国市场化金融发展与经济增长之间的短期单向因果关系。在肯尼亚发现了反馈循环的证据，而需求跟随假说仅在南非和巴西得到支持。然而，中立的观点得到了澳大利亚和英国的支持。