Finance-Led Growth in the OECD since the Nineteenth Century: How Does Financial Development Transmit to Growth?
利用21个OECD国家140年的面板数据，研究了金融发展通过思想生产、储蓄、固定投资和学校教育四个渠道促进经济增长，其中思想生产是最重要的渠道。
It is well established in the literature that financial development (FD) is conducive to growth, and yet the channels through which FD affects growth are not well understood. Using a unique new panel data set for 21 OECD countries over the past 140 years, this paper examines the extent to which FD transmits to growth through ideas production, savings, fixed investment, and schooling. Unionization and agricultural share are used as instruments for FD. The empirical results show that FD influences growth through all four channels. In particular, ideas production is found to be the most important channel through which FD affects growth.