Too much finance or too many weak instruments?
نویسندگان
چکیده
Since the global financial crisis of 2008, a strand literature has documented threshold beyond which development tends to affect growth adversely. However, The evidence rests heavily on internal instrument identification strategies, whose reliability received surprisingly little attention so far in finance-growth literature. Therefore, present paper conducts reappraisal non-linear conclusion twofold. First, light new data, second, by thorough assessment strategy. Evidence points out that series unaddressed issues affecting system-gmm setup results spurious regressions and overfitting outliers.
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ژورنال
عنوان ژورنال: International Economics
سال: 2021
ISSN: ['2542-6869', '2110-7017']
DOI: https://doi.org/10.1016/j.inteco.2020.10.003