0466516 20240103213054.820161206235959.9 85048103682 000434099700008 10.1093/wber/lhw029 35 s. P cav_un_epca*02520260258-6770322 (2018)383-409Oxford University Press long-term economic growth Bayesian model uncertainty cav_un_auth*0345305 Iftekhar H. US cav_un_auth*0274257 Horváth Roman Ekonometrie Department of Econometrics E E UTIA-B Department of Econometrics K Ústav teorie informace a automatizace AV ČR, v. v. i. cav_un_auth*0210112 Mareš J. CZ http://library.utia.cas.cz/separaty/2017/E/horvath-0466516.pdf cav_un_auth*0345306 GA16-09190S GA ČR We examine the effect of finance on long-term economic growth using Bayesian model averaging to address model uncertainty in cross-country growth regressions. The literature largely focuses on financial indicators that assess the financial depth of banks and stock markets. We examine these indicators jointly with newly developed indicators that assess the stability and efficiency of financial markets. Once we subject the finance growth regressions to model uncertainty, our results suggest that commonly used indicators of financial development are not robustly related to long-term growth. However, the findings from our global sample indicate that one newly developed indicator-the efficiency of financial intermediaries-is robustly related to long-term growth. WOS AH 50000 50200 50201 2019 3 4 A hod 4ah 20231122142050.7 RVO:67985556 http://hdl.handle.net/11104/0270593 1 Department of Econometrics UTIA-B 50202 ECONOMICS S 1 Article Business Finance|Development Studies|Economics DEVELOPMENTSTUDIES|BUSINESS.FINANCE|ECONOMICS 2.267 1.057 15.4 0.00297 1.4 2586 1.757 1.797 35 Q2 78.611 62.9 Q1 Q1 0.98 Q1 67.906 2018 Soubory v repozitáři: horvath-0466516.pdf 85048103682 SCOPUS PUBMED 000434099700008 WOS cav_un_epca*0252026 World Bank Economic Review 0258-6770 1564-698X Roč. 32 č. 2 2018 383 409 Oxford University Press