Reference : Financial Development and Economic Growth: an Empirical Investigation of the Role of ...
Scientific journals : Article
Business & economic sciences : Quantitative methods in economics & management
Financial Development and Economic Growth: an Empirical Investigation of the Role of Banks and Institutional Investors
Sougné, Danielle mailto [Université de Liège - ULg > HEC-Ecole de gestion de l'ULg : UER > Gestion financière et consolidation >]
Cavenaile, Laurent mailto [ > > ]
Applied Financial Economics
Yes (verified by ORBi)
[en] economic growth ; institutional investors ; banking development
[en] This paper gives a new light on the finance-growth nexus through the investigation of the role of institutional investors as providers of risk diversification in the process of economic growth. We make use of panel cointegration techniques to study the potential long run relationship between economic growth, banking development and institutional investors in 6 OECD countries. Our results highlight some heterogeneity in the long run relationship between financial development and growth. Institutional investors are shown to support long run economic growth in only 2 countries. We also report a negative long run relationship between both indicators of financial development.

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