Role of equity and corporate bond financing in US economic growth

@inproceedings{Banerjee2011RoleOE,
  title={Role of equity and corporate bond financing in US economic growth},
  author={Prashanta Kumar Banerjee and Mizanur Mohammed Rahman},
  year={2011}
}
This paper re-examines the role of equity and corporate bond financing in spurring US economic growth. Annual data from 1960 through 2008 are utilised. The variables in levels are non-stationary with different orders of integration. Thus, the Autoregressive Distributed Lag (ARDL) procedure is applied for cointegration. The estimates of the Vector Error-Correction Model (VECM) unveil a robust long-run causal flow from the dual channels of financing to US economic growth. The short-run… CONTINUE READING

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