The impact of bond market development on economic growth before and after the global financial crisis: Evidence from developed and developing countries
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Akimov, A
Roca, E
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Abstract
This paper investigates the impact of bond market development on economic growth before and after the global financial crisis in 44 selected countries. A dynamic model based on endogenous growth theory is employed for the study for the period 1990–2017. We find robust evidence that the global financial crisis has distorted the link between bond market development and economic growth: before the global financial crisis, the bond market's impact on economic growth was positive; after the global financial crisis, the evidence is mixed. The main finance–growth channel by which proceeds from the bond market are eventually allocated to the most productive investments appears to be broken.
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International Review of Financial Analysis
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77
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© 2021 Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Licence (http://creativecommons.org/licenses/by-nc-nd/4.0/) which permits unrestricted, non-commercial use, distribution and reproduction in any medium, providing that the work is properly cited.
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Accounting, auditing and accountability
Banking, finance and investment
Applied economics
Law and legal studies
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Wahidin, D; Akimov, A; Roca, E, The impact of bond market development on economic growth before and after the global financial crisis: Evidence from developed and developing countries, International Review of Financial Analysis, 2021, 77, pp. 101865