The Impact of Bank-Based and Market-Based Financial Development on Economic Growth: Time-Series Evidence From the United Kingdom

被引：2
|
作者：
Nyasha, S. [1 ]
Odhiambo, N. M. [1 ]
机构：
[1] Univ South Africa, Dept Econ, POB 392, ZA-0003 Pretoria, South Africa
来源：
GLOBAL ECONOMY JOURNAL | 2016年 / 16卷 / 02期
关键词：
United Kingdom; UK; bank-based financial development; market-based financial development; economic growth;
D O I：
10.1515/gej-2015-0036
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper examines the dynamic impact of both bank-based and marketbased financial development on economic growth in the United Kingdom (UK) during the period 1980-2012, using the autoregressive distributed lag bounds testing approach. Given the complexity of the financial structure in the United Kingdom, various financial development indicators have been used to construct bank-based and market-based financial development indices. The empirical results of this study show that while market-based financial development has a positive impact on economic growth in the United Kingdom, bank-based financial development has a distinct negative impact. These results apply irrespective of whether the regression analysis is conducted in the long run or in the short run.
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页码：389 / 410
页数：22
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