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Financial Structure and Economic Development: Evidence on the View of ‘New Structuralism’

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journal contribution
posted on 10.01.2018, 15:06 by Stephen G Hall, Ayse U Demir
This paper examines the relationship between financial structure and economic development for Germany, the USA, France and Turkey between 1989 and 2012. Nonlinear Autoregressive Distributed Lags (NARDL) is employed to investigate whether a dynamic change exists in the financial structure of these countries in response to a change in their stage of economic development as suggested by the view of ‘new structuralism’. Partly in line with the previous literature, which classified the financial systems of Germany as bank-based, the USA as market-based and France and Turkey as in an intermediate position between these two profiles, the findings presented in this work also give credence to ‘new structuralism’ theory on the linkages between financial structure and the stage of development for these four economies.

History

Citation

International Review of Financial Analysis, 2017, 52, pp. 252-259

Author affiliation

/Organisation/COLLEGE OF SOCIAL SCIENCES, ARTS AND HUMANITIES/Department of Economics

Version

AM (Accepted Manuscript)

Published in

International Review of Financial Analysis

Publisher

Elsevier

issn

1057-5219

Acceptance date

07/07/2017

Copyright date

2017

Available date

09/07/2019

Publisher version

http://www.sciencedirect.com/science/article/pii/S1057521917300765?via=ihub

Notes

The file associated with this record is under embargo until 24 months after publication, in accordance with the publisher's self-archiving policy. The full text may be available through the publisher links provided above.

Language

en

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