A different look over the financial depth nonlinearity: evidence from Europe
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.6/6822 |
Resumo: | The nonlinear relationship between Economic Growth and Financial Depth was assessed for a panel of 25 European countries, for the period from 1996 to 2011. These countries share common spatial patterns as was confirmed by the presence of cross-sectional dependence. Furthermore, heteroskedasticity and first order autocorrelation are present in the panel. The Hausman test supports the presence of heterogeneity by selecting the fixed effects model. Accordingly, the robust estimator for these phenomena, the Driscoll and Kraay with fixed effects was used. The nonlinearity of the relationship was confirmed by the U-test of Lind and Mehlum. In short, results confirmed that excess financial development constrains growth for European countries. The optimal dimension of the financial sector should be considered by policymakers. |
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A different look over the financial depth nonlinearity: evidence from EuropeFinanceLinearityEuropeThe nonlinear relationship between Economic Growth and Financial Depth was assessed for a panel of 25 European countries, for the period from 1996 to 2011. These countries share common spatial patterns as was confirmed by the presence of cross-sectional dependence. Furthermore, heteroskedasticity and first order autocorrelation are present in the panel. The Hausman test supports the presence of heterogeneity by selecting the fixed effects model. Accordingly, the robust estimator for these phenomena, the Driscoll and Kraay with fixed effects was used. The nonlinearity of the relationship was confirmed by the U-test of Lind and Mehlum. In short, results confirmed that excess financial development constrains growth for European countries. The optimal dimension of the financial sector should be considered by policymakers.A relação não linear entre Crescimento Econômico e Profundidade Financeira foi avaliada com recurso a um painel de 25 países europeus, para o período compreendido entre 1996 e 2011. Estes países partilham padrões espaciais comuns como foi confirmado pela presença de dependência seccional. Além disso, foi identificado heterocedasticidade e autocorrelação de primeira ordem no painel. O teste de Hausman suporta a presença de heterogeneidade, selecionando o modelo de efeitos fixos. Foi utilizado o estimador Driscoll e Kraay com efeitos fixos, que é robusto a estes fenômenos. A não linearidade da relação entre Crescimento Econômico e Profundidade Financeira foi confirmada pelo U-teste de Lind e Mehlum. Pode-se concluir que o incremento na profundidade financeira restringe o Crescimento Economico para os países europeus. Como tal, a dimensão ótima do sector financeiro deve ser considerada pelos decisores de política econômica.uBibliorumFuinhas, José AlbertoMarques, António CardosoCarreira, Ricardo2019-01-22T09:39:23Z20152015-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.6/6822eng10.19093/res.v17i35.2543metadata only accessinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-12-15T09:45:38Zoai:ubibliorum.ubi.pt:10400.6/6822Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T00:47:27.340040Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
A different look over the financial depth nonlinearity: evidence from Europe |
title |
A different look over the financial depth nonlinearity: evidence from Europe |
spellingShingle |
A different look over the financial depth nonlinearity: evidence from Europe Fuinhas, José Alberto Finance Linearity Europe |
title_short |
A different look over the financial depth nonlinearity: evidence from Europe |
title_full |
A different look over the financial depth nonlinearity: evidence from Europe |
title_fullStr |
A different look over the financial depth nonlinearity: evidence from Europe |
title_full_unstemmed |
A different look over the financial depth nonlinearity: evidence from Europe |
title_sort |
A different look over the financial depth nonlinearity: evidence from Europe |
author |
Fuinhas, José Alberto |
author_facet |
Fuinhas, José Alberto Marques, António Cardoso Carreira, Ricardo |
author_role |
author |
author2 |
Marques, António Cardoso Carreira, Ricardo |
author2_role |
author author |
dc.contributor.none.fl_str_mv |
uBibliorum |
dc.contributor.author.fl_str_mv |
Fuinhas, José Alberto Marques, António Cardoso Carreira, Ricardo |
dc.subject.por.fl_str_mv |
Finance Linearity Europe |
topic |
Finance Linearity Europe |
description |
The nonlinear relationship between Economic Growth and Financial Depth was assessed for a panel of 25 European countries, for the period from 1996 to 2011. These countries share common spatial patterns as was confirmed by the presence of cross-sectional dependence. Furthermore, heteroskedasticity and first order autocorrelation are present in the panel. The Hausman test supports the presence of heterogeneity by selecting the fixed effects model. Accordingly, the robust estimator for these phenomena, the Driscoll and Kraay with fixed effects was used. The nonlinearity of the relationship was confirmed by the U-test of Lind and Mehlum. In short, results confirmed that excess financial development constrains growth for European countries. The optimal dimension of the financial sector should be considered by policymakers. |
publishDate |
2015 |
dc.date.none.fl_str_mv |
2015 2015-01-01T00:00:00Z 2019-01-22T09:39:23Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.6/6822 |
url |
http://hdl.handle.net/10400.6/6822 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
10.19093/res.v17i35.2543 |
dc.rights.driver.fl_str_mv |
metadata only access info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
metadata only access |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799136369753194496 |