Prague Economic Papers 2018, 27(1):92-112 | DOI: 10.18267/j.pep.646
Quantile Parameter Heterogeneity in the Finance-Growth Relation: The Case of OECD Countries
- 1 Department of Econometrics, Faculty of Economics and Administrative Sciences, Pamukkale University, Denizli/Turkey
- 2 Department of Business Administration, Faculty of Economics and Administrative Sciences, Pamukkale University, Denizli/Turkey
This paper seeks to investigate the effect of financial development on growth in OECD countries during 1999–2014. The aim of the analysis is to study the dependence of growth on given financial development indicators along quantiles of the conditional growth distribution, taking into account the effect played by each country over time. For the purpose of the empirical analysis, it performed the instrumental variable quantile regression panel data (IV-QRPD) model suggested by Powell (2016). The findings of IV-QRPD model indicated that the effect of finance on growth is changing along quantiles of the conditional growth distribution. That is to say, we provide some evidence that high-growth OECD countries react to the changes in financial development less than low-growth countries.
Klíčová slova: financial development, economic growth, panel quantile regression, instrumental variable
JEL classification: C21, C23, G10, O16, O40
Zveřejněno: 1. únor 2018 Zobrazit citaci
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