Financial Structure and Industrial Structure
31 Pages Posted: 16 Mar 2011
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Financial Structure and Industrial Structure
Financial Structure and Industrial Structure
Abstract
This paper explores the relationship between financial structure and industrial structure in a panel cointegration 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 in line, however, 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 cointegration
JEL Classification: G10, G20, O14
Suggested Citation: Suggested Citation
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Financial Structure and Industrial Structure
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