Role finančního rozvoje pro ekonomický růst: Meta-analýza

Valíčková, Petra

This diploma thesis presents a meta-analysis of the accumulated empirical evidence on the relationship between financial development and economic growth. So far, hundreds of studies have been written on the role of financial systems in economic growth; however, their results are ambiguous. This is supported both by theory and empirical research. In order to shed some light on the underlying relationship, narrative literature surveys have been conducted. Nevertheless, the authors of these surveys select representative studies for inclusion subjectively and thus build their results on only a limited set of information. Moreover, due to the nature of their analyses, they cannot systematically assess which factors influence the heterogeneity in reported findings or whether the results are driven by the desire to produce only positive and statistically significant results. Thus, the main focus of our work lies in investigating what the role of financial development in economic growth is, adjusted for possible publication selection, and to systematically explain the heterogeneity behind reported results. For this analysis a pool of available studies investigating the underlying relationship was collected. More specifically, our analysis takes into account data from 67 empirical studies with 1334...

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