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  • 2012-15: Does finance matter for growth in the small, open Pacific Island Countries? (Working paper)

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    Discussion paper (166.1Kb)
    Author(s)
    Sharma, Parmendra
    Gounder, Neelesh
    Griffith University Author(s)
    Sharma, Parmendra P.
    Gounder, Neelesh NV.
    Year published
    2012
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    Abstract
    A body of evidence accumulated over the past several years, via different methods and estimation techniques, using firm-and household-level data, across many regions and countries show that finance matters for growth. Yet the role of finance in fostering growth in the Pacific, ironically, a region in dire need of sustainable growth and development, continues to appear less important, possibly for the reason that the relationship in the case of the region is not properly understood, due in turn to perhaps a lack of systematic empirical evidence. This study provides a first cross-country insight into the finance-growth nexus ...
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    A body of evidence accumulated over the past several years, via different methods and estimation techniques, using firm-and household-level data, across many regions and countries show that finance matters for growth. Yet the role of finance in fostering growth in the Pacific, ironically, a region in dire need of sustainable growth and development, continues to appear less important, possibly for the reason that the relationship in the case of the region is not properly understood, due in turn to perhaps a lack of systematic empirical evidence. This study provides a first cross-country insight into the finance-growth nexus in the Pacific. Results, using balanced panel data extending 25 years, and the dynamic Generalised Method of Moments (GMM) estimation technique, show that finance is likely to matter for growth in the small, open Pacific Island Countries as well. Our findings strengthen the growing finance-growth literature, further alleviate scepticisms that may arise from shortcomings of different methods and estimation techniques, and have important policy implications for the Pacific.
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    Copyright Statement
    Copyright © 2010 by author(s). No part of this paper may be reproduced in any form, or stored in a retrieval system, without prior permission of the author(s).
    Note
    Finance
    Subject
    G00 - Financial Economics: General
    C23 - Single Equation Models; Single Variables: Models with Panel Data; Longitudinal Data; Spatial Time Series
    Finance
    economic growth
    Pacific Island Countries
    panel data
    Publication URI
    http://hdl.handle.net/10072/390426
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