RIEB Seminar (Jointly supported by:Grant-in-Aid for Scientific Research (S))
| Date&Time | Thursday, April 21, 2016, 5:00pm-6:30pm |
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| Place | Seminar Room at RIEB (Kanematsu Memorial Hall, 1st Floor) |
| Intended Audience | Faculties, Graduate Students and People with Equivalent Knowledge |
| Language | English |
| Note | Copies of the paper will be available at Office of Promoting Research Collaboration. |
5:00pm-6:30pm
| Speaker | Kul LUINTEL |
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| Affiliation | Cardiff Business School, Cardiff University |
| Topic | Financial Development, Structure and Growth: New Data, Method and Results |
| Abstract | The existing weight of evidence suggests that financial structure (the classification of a financial system as bank-based versus market-based) is irrelevant for economic growth. This contradicts the common belief that the institutional structure of a financial system matters. We re-examine this issue using a novel dataset covering 69 countries over 1989-2011 in a Bayesian framework. Our results are conformable to the belief - a market-based system is relevant - with sizable economic effects for the high-income but not for the middle-and-low-income countries. Our findings provide a counterexample to the weight of evidence. We also identify a regime shift in 2008. |