Role of equity and corporate bond financing in US economic growth
by Prashanta K. Banerjee, Matiur Rahman
International Journal of Trade and Global Markets (IJTGM), Vol. 4, No. 1, 2011

Abstract: This paper re-examines the role of equity and corporate bond financing in spurring US economic growth. Annual data from 1960 through 2008 are utilised. The variables in levels are non-stationary with different orders of integration. Thus, the Autoregressive Distributed Lag (ARDL) procedure is applied for cointegration. The estimates of the Vector Error-Correction Model (VECM) unveil a robust long-run causal flow from the dual channels of financing to US economic growth. The short-run interactive effects are weakly positive.

Online publication date: Wed, 08-Apr-2015

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