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Too much finance or too many weak instruments?
International Economics Pub Date : 2020-11-16 , DOI: 10.1016/j.inteco.2020.10.003
Maxime Fajeau

Since the global financial crisis of 2008, a strand of the literature has documented a threshold beyond which financial development tends to affect growth adversely. However, the The evidence rests heavily on internal instrument identification strategies, whose reliability has received surprisingly little attention so far in the finance-growth literature. Therefore, the present paper conducts a reappraisal of the non-linear conclusion twofold. First, in light of new data, second, by a thorough assessment of the identification strategy. Evidence points out that a series of unaddressed issues affecting the system-gmm setup results in spurious threshold regressions and overfitting of outliers.



中文翻译:

资金太多或工具太弱?

自2008年全球金融危机以来,一连串的文献记录了一个门槛,金融发展往往会对门槛产生不利影响。但是,证据主要依靠内部工具识别策略,迄今为止,其可靠性在金融增长文献中很少受到关注。因此,本文对非线性结论进行了二次评估。首先,根据新数据,其次,通过对识别策略的全面评估。有证据表明,影响系统gmm设置的一系列未解决的问题导致虚假的阈值回归和离群值的过拟合。

更新日期:2020-11-16
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