Finance and economic growth: The case of Sweden 1834-1991

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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.
Original languageEnglish
Pages (from-to)275-301
Number of pages27
JournalResearch in Economics
Volume51
Issue number3
DOIs
Publication statusPublished - 1997 Sep

Bibliographical note

Cited By :9

Export Date: 22 February 2017

Subject classification (UKÄ)

  • Economic History

Keywords

  • financial development
  • economic growth
  • cointegration
  • Sweden

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