Manufacturing Growth and Financial Development: Evidence from OECD Countries
用时间序列数据研究OECD国家金融部门发展与制造业增长的关系，发现金融部门GDP与制造业全要素生产率存在长期协整关系，但各国结果差异较大，比横截面证据更复杂。
Recent theoretical models conjecture that the development of the financial sector is essential for economic growth. We investigate this hypothesis from a time-series perspective and find that financial sector GDP is cointegrated for many OECD countries not so much with manufacturing GDP but mostly with manufacturing total factor productivity. Moreover, this relation is in some instances characterized by long-run causality in the sense of Granger and Lin. However, even within this homogeneous group of countries, the variety of results suggests a more complex picture than is apparent from cross-sectional evidence.