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Finance and economic growth: the case of Sweden 1934-1991

Hansson, Pontus LU and Jonung, Lars LU (1997) In Research in Economics 51 (3). p.275-301
Abstract (Swedish)
This study examines the long-run relationship between finance and economic growth in Sweden from the 1830s until the 1990s using recently developed econometric techniques for tests of cointegration. The role of investment, education and technological progress (patents) is accounted for as well in order to assess the relative importance of the development of the financial system for growth performance. A fairly unique set of long-run data is employed. To our knowledge, no tests of this kind have been reported previously, at least not for the European experience. The estimated contribution of the financial system to economic growth is shown to depend crucially on the time period studied and the variables included in the analysis.
Abstract
This study examines the long-run relationship between finance and economic growth in Sweden from the 1830s to the 1990s using recently developed econometric techniques for tests of cointegration. The role of investment, education and technological progress (patents) is accounted for as well in order to assess the relative importance of the development of the financial system for growth performance. A fairly unique set of long-run data is employed. To our knowledge, no tests of this kind have been reported previously, at least not for the European experience. The empirical work suggests that there has been a pattern of interaction among the variables examined. The estimated contribution of the financial system to economic growth is shown to... (More)
This study examines the long-run relationship between finance and economic growth in Sweden from the 1830s to the 1990s using recently developed econometric techniques for tests of cointegration. The role of investment, education and technological progress (patents) is accounted for as well in order to assess the relative importance of the development of the financial system for growth performance. A fairly unique set of long-run data is employed. To our knowledge, no tests of this kind have been reported previously, at least not for the European experience. The empirical work suggests that there has been a pattern of interaction among the variables examined. The estimated contribution of the financial system to economic growth is shown to depend crucially on the time period studied and the variables included in the analysis. (Less)
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author
organization
publishing date
type
Contribution to journal
publication status
published
subject
in
Research in Economics
volume
51
issue
3
pages
27 pages
DOI
10.1006/reec.1997.0046
language
English
LU publication?
yes
id
9ca11a8d-ee22-44c7-b5ef-3f9c710a9873
date added to LUP
2016-06-20 15:52:46
date last changed
2016-06-21 16:08:34
@misc{9ca11a8d-ee22-44c7-b5ef-3f9c710a9873,
  abstract     = {This study examines the long-run relationship between finance and economic growth in Sweden from the 1830s to the 1990s using recently developed econometric techniques for tests of cointegration. The role of investment, education and technological progress (patents) is accounted for as well in order to assess the relative importance of the development of the financial system for growth performance. A fairly unique set of long-run data is employed. To our knowledge, no tests of this kind have been reported previously, at least not for the European experience. The empirical work suggests that there has been a pattern of interaction among the variables examined. The estimated contribution of the financial system to economic growth is shown to depend crucially on the time period studied and the variables included in the analysis.},
  author       = {Hansson, Pontus and Jonung, Lars},
  language     = {eng},
  number       = {3},
  pages        = {275--301},
  series       = {Research in Economics},
  title        = {Finance and economic growth: the case of Sweden 1934-1991},
  url          = {http://dx.doi.org/10.1006/reec.1997.0046},
  volume       = {51 },
  year         = {1997},
}