alternative econometric approaches for analysing the role of the financial secto

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1、JOURNALOFDevelopmentJournalofDevelopmentEconomicsECONOMICSELSEVIERVol.50(1996)119-146Alternativeeconometricapproachesforanalysingtheroleofthefinancialsectorineconomicgrowth:Time-seriesevidencefromLDCsM.O.OdedokunEconomicsDepartment,Universityofllorin,llorin,NigeriaReceived1

2、5May1991;revised15March1994AbstractThestudydeterminesandanalysestheeffectsoffinancialintermediationonthegrowthofrealGDPinLDCsbyemployingannualdatafor71countriesovervaryingperiodsthatgenerallyspanthe1960sand1980s.Basedonthemodifiedversionoftheorthodoxmodelframeworkandanentir

3、elynewmodelframeworkthatrecognizestheexternaleffectsofthefinancialsectorontherealsector,aswellaseffectsofthefinancialsectorontheproductivitiesoffactorinputsengagedtherein,weestimateregressionequationsforeachcountry.Ourfindingsareasfollows:(a)financialintermediationpromotese

4、conomicgrowthinabout85%ofthecountries;(b)ascomparedwithfactorsthathaveoftenbeenemphasizedintheliterature(viz.exportexpansion,capitalformationratioandlabourforcegrowth)asimportantgrowthpromoters,financialintermediationispracticallyatparwithexportexpansionandcapitalformationr

5、atio,andsuperiortolabourforcegrowth,aspartnersinpromotingeconomicgrowth;(c)thegrowth-promotingeffectsoffinancialintermediationaremorepredominantinlow-incomethaninhigh-incomeLDCs;and(d)thegrowth-promotingeffectsoffinancialintermediationarepracticallyinvariantacrossthevarious

6、regionsoftheglobeJELclassification:042;E44Keywords:Financialintermediation;Economicgrowth0304-3878/96/$15.00Copyright©1996ElsevierScienceB.V.Allrightsreserved.PIIS0304-3878(96)00006-5120M.O.Odedokun/JournalofDevelopmentEconomics50(1996)119-1461.Introductionandabriefliteratu

7、resurveyTheimportanceofthefinancialsectorinaneconomycanhardlybeover-em-phasized.Financecan,infact,beregardedasoneofthemainstaysofamodemeconomy.SomeofthepossiblerolesthatfinancecanplayintheprocessofeconomicdevelopmenthavebeenaptlyputbyBhatt(1989,p.1)thus:Moneyasaunitofaccoun

8、tandmediumofexchangereducesthetransactionandsearchcostsinvolvedinbartertransaction