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A note on the effect of financial development on economic growth

A common result from the literature has been a positive monotonic effect of financial development on growth. This article presents an empirical investigation of the financial development–economic growth relationship by estimating a variant model to those in Levine et al. (2000) while allowing for the coefficient on the financial development index to vary by the level of financial development. Using dynamic panel techniques, coefficient estimates suggest that the exogenous component of financial development has a positive effect on economic growth and does not vary with the level of financial development.