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.

引用

页码：389 / 410

页数：22

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