Financial development convergence: New evidence for the EU

Central Bank Review - Tập 17 - Trang 47-54 - 2017
Dilara Kılınç1, Ünal Seven2, Hakan Yetkiner1
1Department of Economics, Izmir University of Economics, 35330, Izmir, Turkey
2Structural Economic Research Department, Central Bank of the Republic of Turkey, Istiklal Cad. No:10, 06100, Ulus, Ankara, Turkey

Tài liệu tham khảo

Abiad, 2007 Antzoulatos, 2011, Do financial systems converge?, Rev. Int. Econ., 19, 122, 10.1111/j.1467-9396.2010.00936.x Arellano, 1991, Some tests of specification for panel data: monte Carlo evidence and an application to employment equations, Rev. Econ. Stud., 58, 277, 10.2307/2297968 Arellano, 1995, Another look at the instrumental variable estimation of error-components models, J. Econ., 68, 29, 10.1016/0304-4076(94)01642-D Bahadir, 2015, Financial development convergence, J. Bank. Financ., 56, 61, 10.1016/j.jbankfin.2015.03.001 Beck, 2004, Stock markets, banks, and growth: panel evidence, J. Bank. Financ., 28, 423, 10.1016/S0378-4266(02)00408-9 Beugelsdijk, 2005, The effectiveness of structural policy in the european union: an empirical analysis for the EU-15 in 1995-2001, J. Common Mark. Stud., 43, 37, 10.1111/j.0021-9886.2005.00545.x Beyzatlar, 2017, Convergence in transportation measures across the EU-1, Transportation, 10.1007/s11116-016-9686-6 Bianco, 1997, Financial systems across “developed economies”: convergence or path dependence?, Res. Econ., 51, 303, 10.1006/reec.1997.0043 Blundell, 1998, Initial conditions and Moment restrictions in dynamic panel data model, J. Econ., 87, 115, 10.1016/S0304-4076(98)00009-8 Blundell, 2000, GMM Estimation with persistent panel data: an application to production functions, Econ. Rev., 19, 321, 10.1080/07474930008800475 Blundell, 2001, Estimation in dynamic panel data models: improving on the performance of the standard GMM Estimator, vol. 15, 53 Bond, 2001 Borsi, 2015, The evolution of economic convergence in the European Union, Empir. Econ., 48, 657, 10.1007/s00181-014-0801-2 Brada, 2005, Real and monetary convergence between the European Union's core and recent member countries: a rolling cointegration approach, J. Bank. Financ., 29, 249, 10.1016/j.jbankfin.2004.06.024 Bruno, 2012, Do financial systems converge? New evidence from financial assets in OECD countries, J. Comp. Econ., 40, 141, 10.1016/j.jce.2011.09.003 Caselli, 1996, Reopening the convergence debate: a new look at cross-country growth empirics, J. Econ. Growth, 1, 363, 10.1007/BF00141044 Cavenaile, 2011, An empirical analysis of income convergence in the European Union, Appl. Econ. Lett., 18, 1705, 10.1080/13504851.2011.560104 Crespo Cuaresma, 2013, Income convergence prospects in Europe: assessing the role of human capital dynamics, Econ. Syst., 37, 493, 10.1016/j.ecosys.2013.02.004 Demetriades, 2011, Government, openness and finance: past and present, Manch. Sch., 79, 98, 10.1111/j.1467-9957.2011.02268.x Demirguc-Kunt, 2013, The evolving importance of banks and securities markets, World Bank Econ. Rev., 27, 476, 10.1093/wber/lhs022 Evans, 1997, How fast do economics converge?, Rev. Econ. Stat., 79, 219, 10.1162/003465397556809 Goldsmith, 1969 Gortsos, 2011, Economic aspects, the existing legal framework and the way ahead, vol. II Gurley, 1967, Financial structure and economic development, Econ. Dev. Cult. Change, 15, 257, 10.1086/450226 De Haan, J., Oosterloo, S. & Schoenmaker, D., 2009. European Financial Integration: Origins and History, chapter 2, pp. 33–60. In De Haan, Oosterloo, and Schoenmaker (Ed. 24.26.) European Financial Markets and Institutions, Cambridge University Press, New York. Hansen, 1982, Large sample properties of generalized method of moments estimators, Econometrica, 50, 1029, 10.2307/1912775 Hoeffler, 2002, The augmented Solow model and the African growth debate, Oxf. Bull. Econ. Stat., 64, 135, 10.1111/1468-0084.00016 Hsiao, 2014 Islam, 1995, Growth empirics: a panel data approach, Q. J. Econ., 110, 1127, 10.2307/2946651 Jung, 1986, Financial development and economic growth: international evidence, Econ. Dev. Cult. Change, 34, 333, 10.1086/451531 King, 1993, Finance and growth: schumpeter might be right, Q. J. Econ., 108, 717, 10.2307/2118406 King, 1993, Finance, entrepreneurship, and growth: theory and evidence, J. Monet. Econ., 32, 513, 10.1016/0304-3932(93)90028-E Kutan, 2004, Nominal and real stochastic convergence of transition economies, J. Comp. Econ., 32, 23, 10.1016/j.jce.2003.09.008 Kutan, 2005, Real and nominal stochastic convergence: are the new EU members ready to join the Euro zone?, J. Comp. Econ., 33, 387, 10.1016/j.jce.2005.03.001 Kutan, 2007, European integration, productivity growth and real convergence, Eur. Econ. Rev., 51, 1370, 10.1016/j.euroecorev.2006.11.001 Levine, 1996, Stock market development and long-run growth, World Bank Econ. Rev., 10, 323, 10.1093/wber/10.2.323 Levine, 1998, Stock markets, banks and economic growth, Am. Econ. Rev., 88, 537 Levine, 2000, Financial intermediation and growth: causality and causes, J. Monet. Econ., 46, 31, 10.1016/S0304-3932(00)00017-9 Mankiw, 1992, A contribution to the empirics of economic growth, Q. J. Econ., 107, 407, 10.2307/2118477 Mathunjwa, 2007 McKinnon, 1973 Murinde, 2004, Patterns of corporate financing and financial system convergence in Europe, Rev. Int. Econ., 12, 693, 10.1111/j.1467-9396.2004.00476.x Neusser, 1998, Manufacturing growth and financial development: evidence from OECD countries, Rev. Econ. Stat., 80, 638, 10.1162/003465398557726 Nickell, 1981, Biases in dynamic models with fixed effects, Econometrica, 49, 1399, 10.2307/1911408 Rioja, 2004, Finance and the sources of growth at various stages of economic development, Econ. Inq., 42, 127, 10.1093/ei/cbh049 Roodman, 2009, A note on the theme of too many instruments, Oxf. Bull. Econ. Stat., 71, 135, 10.1111/j.1468-0084.2008.00542.x Seven, 2016, Financial intermediation and economic growth: does income matter?, Econ. Syst., 40, 39, 10.1016/j.ecosys.2015.09.004 Shaw, 1973 The World Bank DataBank, http://databank.worldbank.org/data/home.aspx. Veysov, 2011 Windmeijer, 2005, A finite sample correction for the variance of linear efficient two-step GMM estimators, J. Econ., 126, 25, 10.1016/j.jeconom.2004.02.005