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Studies in Nonlinear Dynamics and Econometrics
We report evidence that the relation between the financial-sector share, private saving, and growth in the United States in 1948-96 is characterized by several regime shifts. The finding is based on vector autoregressions on quarterly data that allow for Markov switching regimes. The evidence may be interpreted as support for a hypothesis that the relation between financial development and growth evolves in a stepwise fashion. Theoretical models in which structural financial developments entaildoi:10.1162/10811820160130242 fatcat:j7xtf2e6ujbgzjguviocuhahqq