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AuthorRahman, Abdul
AuthorKhan, Muhammad Arshad
AuthorCharfeddine, Lanouar
Available date2022-12-27T08:14:14Z
Publication Date2020
Publication NameCogent Economics and Finance
ResourceScopus
URIhttp://dx.doi.org/10.1080/23322039.2020.1716446
URIhttp://hdl.handle.net/10576/37629
AbstractThis paper investigates the impact of financial development on economic growth in Pakistan using the Markov Switching Model over the period 1980-2017. The results based on two-state Markov switching model confirm the Schumpeter's view that finance spurs growth. The result reveals that financial development augments economic growth in both high and low economic growth regimes in Pakistan. However, the impact of financial development on economic growth is found to be relatively higher in the high-growth regime. This implies that economic growth responds differently to financial development in low-growth and high-growth regimes. Among the control variables, trade openness and government expenditures impact economic growth positively, while labour force exerts a negative impact on economic growth. 2020, 2020 The Author(s). This open access article is distributed under a Creative Commons Attribution (CC-BY) 4.0 license.
Languageen
PublisherCogent OA
SubjectC24
F43
Financial development
high- and low-growth regime
O43
Pakistan
economic growth
regime switching model
TitleFinancial development-economic growth nexus in Pakistan: new evidence from the Markov switching model
TypeArticle
Issue Number1
Volume Number8
dc.accessType Open Access


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