Chapter 14
Empirical Assessment of the Finance–Growth Nexus in Frontier Markets
G. Giorgioni*
Abstract
This chapter contributes to the literature on the relationship between financial development and economic growth by including variables related to both the banking sector and the development of stock markets and by distinguishing among developed, emerging, and “frontier” stock markets. The results provide evidence that, in line with recent empirical literature, the banking sector has an overall negative impact, once the effect of stock markets is taken into account, although the results ...
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