1 |
Demirguc-Kunt, A., Feyen, E., & Levine, R. (2011). Optimal financial structures and development: The evolving importance of banks and markets. Washinton DC: World Bank.
|
2 |
Robinson, J. (1979). The generalization of the general theory. New York: Springer.
|
3 |
Sahay, R., Cihak, M., N'Diaye, P., & Barajas, A. (2015). Rethinking financial deepening: Stability and growth in emerging markets. Revista de Economia Institucional, 17(33), 73-107. https://www.imf.org/external/pubs/ft/sdn/2015/sdn1508.pdf
|
4 |
Demirguc-Kunt, A., & Levine, R. (2001). Financial structure and economic growth: Perspectives and lessons. Washinton DC: World Bank.
|
5 |
Demirguc-Kunt, A., & Maksimovic, V. (2002). Funding growth in bank-based and market-based financial systems: evidence from firm-level data. Journal of Financial Economics, 65(3), 337-363.
DOI
|
6 |
Ductor, L., & Grechyna, D. (2015). Financial development, real sector, and economic growth. International Review of Economics & Finance, 37, 393-405. https://doi.org/10.1016/j.iref.2015.01.001
DOI
|
7 |
Dumitrescu, E.-I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450-1460. https://doi.org/10.1016/j.econmod.2012.02.014
DOI
|
8 |
Pesaran, M. H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica, 74(4), 967-1012.
DOI
|
9 |
Camba Jr, A. C., & Camba, A. L. (2020). The dynamic relationship of domestic credit and stock market liquidity on the economic growth of the Philippines. The Journal of Asian Finance, Economics, and Business, 7(1), 37-46. https://doi.org/10.13106/jafeb.2020.vol7.no1.37
DOI
|
10 |
Bose, N., & Neumann, R. (2015). An explanation for the diversity of financial structure. Macroeconomic Dynamics, 19(2), 270-287. https://doi.org/10.1017/S1365100513000382
DOI
|
11 |
Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265-312.
DOI
|
12 |
Seven, U., & Yetkiner, H. (2017). Financial intermediation and economic growth: Does income matter? Economic Systems, 40(1), 39-58. https://doi.org/10.1016/j.ecosys.2015.09.004
DOI
|
13 |
Schumpeter, J. A. 1911. The theory of economic development. Cambridge, MA: Harvard University Press.
|
14 |
Shaw, E. S. (1973). Financial deepening in economic development. New York: Oxford University Press.
|
15 |
Shin, Y., Yu, B., & Greenwood-Nimmo, M. (2014). Modeling asymmetric cointegration and dynamic multipliers in a nonlinear ARDL framework. New York: Springer.
|
16 |
Morck, R., & Nakamura, M. (1999). Banks and corporate control in Japan. The Journal of Finance, 54(1), 319-339. https://doi.org/10.1111/0022-1082.00106
DOI
|
17 |
Bist, J. P. (2018). Financial development and economic growth: Evidence from a panel of 16 African and non-African low-income countries. Cogent Economics & Finance, 6(1), 1449780. https://doi.org/10.1080/23322039.2018.1449780
DOI
|
18 |
Trehan, R. (2013). Market-based finance vs. bank-based finance. New York: PRLOG Press.
|
19 |
Westerlund, J. (2005). New simple tests for panel cointegration. Econometric Reviews, 24(3), 297-316. https://doi.org/10.1080/07474930500243019
DOI
|
20 |
Zellner, A. (1962). An efficient method of estimating seemingly unrelated regressions and tests for aggregation bias. Journal of the American Statistical Association, 57(298), 348-368. https://doi.org/10.2307/2281644
DOI
|
21 |
Hicks, J. R. (1969). A theory of economic history. Oxford, UK: Oxford University Press.
|
22 |
Durusu-Ciftci, D., Ispir, M. S., & Yetkiner, H. (2017). Financial development and economic growth: Some theory and more evidence. Journal of Policy Modeling, 39(2), 290-306. https://doi.org/10.1016/j.jpolmod.2016.08.001
DOI
|
23 |
Gambacorta, L., Yang, J., & Tsatsaronis, K. (2014). Financial structure and growth. Washinton DC: BIS.
|
24 |
Goldsmith, R. W. (1969). Financial structure and development. New Haven, CT: Yale University Press.
|
25 |
Kumar, K., & Paramanik, R. N. (2020). Nexus between Indian economic growth and financial development: A non-linear ARDL approach. The Journal of Asian Finance, Economics, and Business, 7(6), 109-116. https://doi.org/10.13106/jafeb.2020.vol7.no6.109
DOI
|
26 |
Castro, F., Kalatzis, A. E. G., & Martins-Filho, C. (2015). Financing in an emerging economy: Does financial development or financial structure matter? Emerging Markets Review, 23, 96-123. https://doi.org/10.1016/j.ememar.2015.04.012
DOI
|
27 |
Hoshi, T., Kashyap, A., & Scharfstein, D. (1990). The role of banks in reducing the costs of financial distress in Japan. Journal of Financial Economics, 27(1), 67-88. https://doi.org/10.1016/0304-405X(90)90021-Q
DOI
|
28 |
King, R. G., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717-737. https://doi.org/10.2307/2118406
DOI
|
29 |
Levine, R. (2005). Finance and growth: Theory and evidence. In: Aghion, P. & Durlauf, S. N. Handbook of economic growth (pp. 865-934). Amsterdam: Elsevier.. https://doi.org/10.1016/S1574-0684(05)01012-9
|
30 |
Lin, J. Y., & Monga, C. (2010). The growth report and new structural economics. Washinton, DC: The World Bank.
|
31 |
Oima, D., & Ojwang, C. (2013). Market-based and bank-based financial structure on economic growth in some selected Ecowas countries. International Journal of Education and Research, 1(2), 1-10. https://www.ijern.com/images/February-2013/10.pdf
|
32 |
Blackburn, K., Bose, N., & Capasso, S. (2005). Financial development, financing choice, and economic growth. Review of Development Economics, 9(2), 135-149. https://doi.org/10.1111/j.1467-9361.2005.00268.x
DOI
|
33 |
Panizza, U. (2014). Financial development and economic growth: Known knowns, known unknowns, and unknown unknowns. Revue d'economie Du Developpement, 22(HS02), 35-65. https://www.cairn.info/revue-d-economie-du-developpement2014-HS02-page-35.htm
|
34 |
Luintel, K. B., Khan, M., Leon-Gonzalez, R., & Li, G. (2016). Financial development, structure, and growth: New data, method, and results. Journal of International Financial Markets, Institutions, and Money, 43, 95-112. https://doi.org/10.1016/j.intfin.2016.04.002
DOI
|
35 |
Konya, L. (2006). Exports and growth: Granger causality analysis on OECD countries with a panel data approach. Economic Modelling, 23(6), 978-992. https://doi.org/10.1016/j.econmod.2006.04.008
DOI
|
36 |
Lee, B. S. (2012). Bank-based and market-based financial systems: Time-series evidence. Pacific-Basin Finance Journal, 20(2), 173-197. https://doi.org/10.1016/j.pacfin.2011.07.006
DOI
|
37 |
Lin, J. Y., Sun, X., & Jiang, Y. (2009). Toward a theory of optimal financial structure. Washington, DC: The World Bank.
|
38 |
Liu, G., & Zhang, C. (2020). Does financial structure matter for economic growth in China. China Economic Review, 61, 101194. https://doi.org/10.1016/j.chieco.2018.06.006
DOI
|
39 |
Ndikumana, L. (2005). Financial development, financial structure, and domestic investment: International evidence. Journal of International Money and Finance, 24(4), 651-673. https://doi.org/10.1016/j.jimonfin.2005.03.006
DOI
|
40 |
Pesaran, M. (2004). General diagnostic tests for cross-section dependence in panels. Cambridge MA: NBER.
|
41 |
Mankiw, N. G., Romer, D., & Weil, D. N. (1992). A contribution to the empirics of economic growth. The Quarterly Journal of Economics, 107(2), 407-437. https://doi.org/10.2307/2118477
DOI
|
42 |
Beck, T., & Levine, R. (2002). Industry growth and capital allocation: does having a market-or bank-based system matter? Journal of Financial Economics, 64(2), 147-180. https://doi.org/10.1016/S0304-405X(02)00074-0
DOI
|
43 |
Levine, R. (2002). Bank-based or market-based financial systems: which is better? Journal of Financial Intermediation, 11(4), 398-428. https://doi.org/10.1006/jfin.2002.0341
DOI
|
44 |
Akbas, Y. E. (2015). Financial development and economic growth in an emerging market: bootstrap panel causality analysis. Theoretical & Applied Economics, 22(3). http://store.ectap.ro/articole/1118.pdf
|
45 |
Allen, F., & Gale, D. (2000). Comparing financial systems. Cambridge, MA: MIT Press.
|
46 |
Ang, J. B. (2008). What are the mechanisms linking financial development and economic growth in Malaysia? Economic Modelling, 25(1), 38-53. https://doi.org/10.1016/j.econmod.2007.04.006
DOI
|
47 |
Ang, J. B. (2009). Financial development and the FDI-growth nexus: The Malaysian experience. Applied Economics, 41(13), 1595-1601. https://doi.org/10.1080/00036840701222553
DOI
|
48 |
Ang, J. B., & McKibbin, W. J. (2007). Financial liberalization, financial sector development, and growth: Evidence from Malaysia. Journal of Development Economics, 84(1), 215-233. https://doi.org/10.1016/j.jdeveco.2006.11.006
DOI
|
49 |
Beck, T., Demirguc-Kunt, A., & Levine, R. (2000). A new database on the structure and development of the financial sector. The World Bank Economic Review, 14(3), 597-605. https://doi.org/10.1093/wber/14.3.597
DOI
|
50 |
Beck, T., & Levine, R. (2004). Stock markets, banks, and growth: Panel evidence. Journal of Banking & Finance, 28(3), 423-442. https://doi.org/10.1016/S0378-4266(02)00408-9
DOI
|