Finance and Growth : Causality in the Economic Development of Japan, the U.S.A., and U.K.

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概要

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• This paper examines the causal directions between financial development and economic growth for prewar and postwar Japan, U.S.A., and U.K. The method used here is the one recently developed by S. Hall, M. Pesaran, and R. Wickens et al. and is what can be called a generalized (or extended) Granger causality test. The paper shows that in Japan and the U.K., the Patrick's hypothesis holds, where the hypothesis implies that in the early stage of development, financial factors typically lead and cause real-side development, while in the later stage, the reversal of causal directions occurs. In the U.S., however, the opposite causal patterns (i.e., in the prewar period, the realside causes the financial-side) are observed. The paper also compares the above results with those derived from traditional Granger causality tests.

• 千葉大学の論文
• 2005-12-14

著者

• 天野 昌功

  千葉大学

関連論文

• Finance and Growth : Efficient Causality Tests in Error-Correction Systems for the U.S.A., the U.K., and Japan(Collected Papers on the Occasion of the Retirement of Professor Eiichi AKIMOTO)
• Finance and Growth : Causality in the Economic Development of Japan, the U.S.A., and U.K.
• Banking and Economic Growth : Causality in Cointegrated Systems for 15 Countries
• Monetary Policy, Growth, and Endogenous Money Supply
• Money and Economic Activity in Japan, 1957-1998 : A Structural VAR Approach
• Monetary Policy : A Survey of Recent Developments in Theory and Practice (2)
• Money and Economic Activity in Japan, 1946-1997
• Banking,Liquidity,and Economic Development
• A Bayesian Analysis of Credit Rationing
• 日本の在庫循環 1948-1986
• Has Economic Growth Been Led by Investment or Export? : Examination of Japanese, U.S., and U.K. Evidence

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