Thresholds in the Finance-Growth Nexus: A Cross-Country Analysis
研究了84个国家1965-2004年间通胀、政府规模、贸易开放度和人均收入对金融与增长关系的影响，发现这些变量存在阈值效应，对低收入和高收入国家影响不同。
Thresholds of inflation, government size, trade openness, and per capita income for the finance-growth nexus are investigated using five-year averages of standard variables for 84 countries from 1965 to 2004. The results suggest that (i) high inflation crowds out positive effects of financial depth on long-run growth, (ii) small government sizes hurt the finance-growth nexus in low-income countries, while large government sizes hurt high-income countries, (iii) low levels of trade openness are sufficient for finance-growth nexus in high-income countries, but low-income countries need higher levels of trade openness for similar magnitudes of the finance-growth nexus, (iv) catch-up effects through the finance-growth nexus are higher for moderate per capita income levels. Financial development,