Financial Development and Economic Growth: An Econometric Analysis for Singapore

58 Pages Posted: 15 Feb 2006

See all articles by Lamin Leigh

Lamin Leigh

International Monetary Fund (IMF)

Date Written: February 1996

Abstract

With the emergence of the rapidly expanding literature on endogenous growth, the relationship between financial development and economic growth has received a new source of inspiration. Recent cointegration techniques that focus on the estimation and the identification of long-run economic relationship(s) between data variables are particularly appropriate to the study of long run endogenous growth models. This paper has applied these techniques to the Singapore data using a supply-side framework. By and large, the econometric analysis in this paper has yielded results that are in line with predictions of endogenous growth models. In particular, we find that financial development positively affects both transitional and long-run growth in Singapore.

JEL Classification: C50, O42

Suggested Citation

Leigh, Lamin, Financial Development and Economic Growth: An Econometric Analysis for Singapore (February 1996). IMF Working Paper, Vol. , pp. 1-58, 1996. Available at SSRN: https://ssrn.com/abstract=882915

Lamin Leigh (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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