文章基本信息

标题：Finance Growth and Fragility
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作者：Panicos O. Demetriades ; Peter L. Rousseau ; Johan Rewilak 等
期刊名称：Discussion Papers / University of Leicester, Department of Economics
出版年度：2017
出版社：Leicester
摘要：We utilise a new international database of financial fragility indicators for 124 countries from 1998 to 2012 to investigate the effects of fragility on the finance-growth nexus. Cross-country growth regressions suggest that both financial fragility and private credit have negative effects on GDP growth over this period. The results are robust to controlling for systemic banking crises, confirming that financial fragility has additional negative effects on growth, even if a banking crisis is avoided. We also present results using interactions which suggest that (a) a large volume of impaired loans can amplify the negative effects of private credit on growth and (b) a sufficiently high z-score can eradicate the negative effects of private credit on growth.