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Financial Systems and Economic Growth: Empirical Evidence from Australia
Contemporary Economics Pub Date : 2016-06-30 , DOI: 10.5709/ce.1897-9254.207
Sheilla Nyasha , Nicholas M. Odhiambo

This paper examines the dynamic impact of both bank- and market-based financial development on economic growth in Australia during the period from 1980 to 2012. The study uses the autoregressive distributed lag (ARDL) bounds testing approach to examine this linkage. Unlike certain previous studies, this study uses both bank- and market-based financial development indices to measure the level of financial sector development in Australia. These indices were computed using the means-removed average method. The empirical results of this study show that while bankbased financial development has a short-run positive impact on economic growth in Australia, market-based financial development has no significant impact on economic growth, both in the short run and in the long run. These results imply that, in Australia, it is of paramount importance to concentrate on pro-banking sector policies, at least in the short run, to stimulate growth.

中文翻译:

金融体系与经济增长:来自澳大利亚的实证证据

本文研究了 1980 年至 2012 年期间基于银行和市场的金融发展对澳大利亚经济增长的动态影响。该研究使用自回归分布滞后 (ARDL) 边界测试方法来检验这种联系。与之前的某些研究不同,本研究同时使用基于银行和市场的金融发展指数来衡量澳大利亚金融部门的发展水平。这些指数是使用均值去除平均法计算的。本研究的实证结果表明,虽然银行金融发展对澳大利亚经济增长具有短期积极影响,但市场金融发展对经济增长的短期和长期影响均不显着。这些结果意味着,在澳大利亚,
更新日期:2016-06-30
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