Financial Structure and Industrial Structure

Bulletin of Economic Research, Forthcoming

Posted: 4 Mar 2008 Last revised: 3 Mar 2010

See all articles by Angelos A. Antzoulatos

Angelos A. Antzoulatos

University of Piraeus - Department of Banking and Financial Management

Nicholas Apergis

University of Piraeus; University of Derby

Chris Tsoumas

Hellenic Open University

Multiple version iconThere are 2 versions of this paper

Date Written: February 29, 2008

Abstract

This paper explores the relationship between financial structure and industrial structure in a panel co-integration framework, using annual data for 29 countries and 28 industrial sectors for the period 1990-2001. The results indicate that financial structure is to a significant extent related to industrial structure in the long-run, yet their relationship is partly consistent with the industrial sectors' technological orientation postulated by the theoretical literature. It is, however, in line with the so-called 'financial services view' that stresses the importance of a well developed financial system for growth, irrespective of its structure. In addition, the results indicate that financial structure does not seem to play a role in a sectors' performance relative to GDP.

Keywords: Financial Structure, Industrial Structure, Panel Co-integration

JEL Classification: G10, G20, O14

Suggested Citation

Antzoulatos, Angelos A. and Apergis, Nicholas and Tsoumas, Chris, Financial Structure and Industrial Structure (February 29, 2008). Bulletin of Economic Research, Forthcoming. Available at SSRN: https://ssrn.com/abstract=1100077

Angelos A. Antzoulatos

University of Piraeus - Department of Banking and Financial Management ( email )

80 Karaoli & Dimitriou Str.
18534 Piraeus, 185 34 -GR
Greece

Nicholas Apergis (Contact Author)

University of Piraeus ( email )

Karaoli and Dimitriou 80
80 KARAOLI & DIMITRIOU STREET
Piraeus, Attiki 18534
Greece

University of Derby ( email )

Kedleston Road
Derby, Derbyshire DE22 1GB
United Kingdom

Chris Tsoumas

Hellenic Open University ( email )

Parodos Aristotelous 18
26335 Patra
Greece

HOME PAGE: http://www.eap.gr/index_en.php

Register to save articles to
your library

Register

Paper statistics

Abstract Views
707
PlumX Metrics