The Finance-Growth Nexus in Europe: A Comparative Meta-Analysis of Emerging Markets and Advanced Economies

Shigeki Ono, Ichiro Iwasaki and 一郎岩﨑

No 94, RRC Working Paper Series from Russian Research Center, Institute of Economic Research, Hitotsubashi University

Abstract: This paper performs a meta-analysis of the effect on economic growth of financial development and liberalization in European emerging markets and compares with that in European advanced economies. A meta-synthesis of 893 estimates extracted from 45 studies suggests that finance in emerging markets have a positive effect on growth. Furthermore, our findings indicate that the synthesized effect size in emerging markets was smaller than that in advanced economies. Results from meta-regression analysis and test for publication selection bias, however, show that some synthesis results cannot be reproduced when literature heterogeneity and publication selection bias are taken into consideration.

Keywords: financial development and liberalization; economic growth; meta-analysis; publication selection bias; European emerging markets and advanced economies (search for similar items in EconPapers)
JEL-codes: E44 O16 O52 P24 P33 (search for similar items in EconPapers)
Pages: 56 pages
Date: 2021-12
New Economics Papers: this item is included in nep-ban, nep-cwa, nep-fdg, nep-isf and nep-mac
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Journal Article: The Finance-Growth Nexus in Europe: A Comparative Meta-Analysis of Emerging Markets and Advanced Economies (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:hit:rrcwps:94

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