• Economics
  • Published 2004

Financial Development and Economic Growth: Evidence from Heterogeneous Panel Data of Low Income Countries

@inproceedings{Qayyum2004FinancialDA,
  title={Financial Development and Economic Growth: Evidence from Heterogeneous Panel Data of Low Income Countries},
  author={Abdul Qayyum and Rehana Aziz Siddiqui and Muhammad Nadim Hanif},
  year={2004}
}
This paper examines empirical relationship between financial development and economic growth while incorporating the inflation rate effect on financial development for low income countries. The study focuses on both the indirect finance and the direct finance, separately as well as collectively. We apply most appropriate econometric methodology of Weinhold (1999) and Nair-Reichert and Weinhold (2001) for causality analysis in heterogeneous panel data. Two sets of results are reported. First… CONTINUE READING

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