Financial development and economic growth: the case of Taiwan

被引：64

作者：

Chang, TY

Caudill, SB ^{[1
]}

机构：

[1] Auburn Univ, Dept Econ, Auburn, AL 36849 USA

[2] Feng Chia Univ, Dept Econ, Taichung 40724, Taiwan

[3] Feng Chia Univ, Grad Inst Econ, Taichung 40724, Taiwan

来源：

APPLIED ECONOMICS | 2005年 / 37卷 / 12期

关键词：

D O I：

10.1080/0003684042000338702

中图分类号：

F [经济];

学科分类号：

02 [经济学];

摘要：

This paper examines the relationship between financial development and economic growth in Taiwan from 1962 to 1998. Using a four-variable VAR model, the competing hypotheses of demand-following versus supply-leading are empirically tested. The results from Granger causality tests based on vector error-correction models (VECM) suggest unidirectional causality running from financial development (measured as the ratio of M2 to GDP) to economic growth. This result supports the supply-leading hypothesis for Taiwan. This finding highlights the importance of financial development in Taiwan's recent growth.

引用

页码：1329 / 1335

页数：7

共 29 条

[1]

NEW LOOK AT STATISTICAL-MODEL IDENTIFICATION [J].