FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: A META‐ANALYSIS
分析了67项研究中1334个关于金融发展对经济增长影响的估计值，发现总体效应为正且显著，但个体估计差异大；未处理内生性的研究高估了效应，且该效应在1980年代后全球减弱，股票市场比金融中介更能促进增长。
Abstract We analyze 1334 estimates from 67 studies that examine the effect of financial development on economic growth. Taken together, the studies imply a positive and statistically significant effect, but the individual estimates vary widely. We find that both research design and heterogeneity in the underlying effect play a role in explaining the differences in results. Studies that do not address endogeneity tend to overstate the effect of finance on growth. While the effect seems to be weaker in less developed countries, the effect decreases worldwide after the 1980s. Our results also suggest that stock markets support faster economic growth than other financial intermediaries.