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• W2170808505 abstract "Macroeconomics research has made a quantum leap in the past decade in establishing a newworkhorse model for open economy analysis. The unique characteristic of this literatureis the introduction of the financial system in a dynamic general equilibrium (DGE) modelwhich is based on microfoundations. Its introduction in a DGE model is essential to explainempirical facts such as growth differences across countries. The aim of this thesis is to showwhether the behavior of growth can be explained by financial development within a classicalapproach. The model's ability to explain growth by setting financial development as a causalfactor is tested against the model's performance to explain growth via setting the humancapital as a causal factor. The question proposed and answered in this thesis is the following:Can an increase in productivity be produced by a development in the financial system orin the educational system and if so, is growth determined by this increase in productivity?The empirical performance of DSGE models is under scrutiny by researchers. This thesis isintroducing the reader to a fairly new and unfamiliar testing procedure; indirect inferencewhich is fully explained and applied. The idea of the thesis is to provide a better identifiedmodel compared to the already established econometric models on the financial developmentand growth nexus. The procedure followed is firstly to set up a well-established microfoundedmodel and then to connect it to the theory via an establishment of the time series propertiesof various macroeconomic variables. The results based on 10 sample countries indicate thatsetting financial development as a causal factor explains the data behavior of macroeconomicvariables better than a model which considers human capital as a driver of economic growth.1" @default.
• W2170808505 created "2016-06-24" @default.
• W2170808505 creator A5055038517 @default.
• W2170808505 date "2013-03-01" @default.
• W2170808505 modified "2023-09-26" @default.
• W2170808505 title "Financial development and growth: Testing a dynamic stochasticgeneral equilibrium model viaindirect inference" @default.
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