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Please use this identifier to cite or link to this item: http://hdl.handle.net/1893/21727
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dc.contributor.authorBezemer, Dirken_UK
dc.contributor.authorGrydaki, Mariaen_UK
dc.contributor.authorZhang, Luen_UK
dc.date.accessioned2016-01-06T00:43:09Z-
dc.date.available2016-01-06T00:43:09Z-
dc.date.issued2016-01en_UK
dc.identifier.urihttp://hdl.handle.net/1893/21727-
dc.description.abstractIn newly collected data on 46 economies over 1990-2011, we show that financial development since 1990 was mostly due to growth in credit to real estate and other asset markets, which has a negative growth coefficient. We also distinguish between growth effects of stocks and flows of credit. We find positive growth effects for credit flows to nonfinancial business but not for mortgage and other asset market credit flows. By accounting for the composition of credit stocks and for the effect of credit flows, we explain the insignificant or negative growth effects of financial development in recent times. What was true in the 1960s, 1970s and 1980s when the field of empirical credit-growth studies blossomed, is no longer true in the 1990s and 2000s. New bank lending is not primarily to nonfinancial business and financial development may no longer be good for growth. These trends predate the 2008 crisis. They prompt a rethink of the role of banks in the process of economic growth.en_UK
dc.language.isoenen_UK
dc.publisherWiley-Blackwellen_UK
dc.relationBezemer D, Grydaki M & Zhang L (2016) More Mortgages, Lower Growth?. Economic Inquiry, 54 (1), pp. 652-674. https://doi.org/10.1111/ecin.12254en_UK
dc.rightsThis item has been embargoed for a period. During the embargo please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study. This is the peer reviewed version of the following article: Bezemer, D., Grydaki, M. and Zhang, L. (2016), MORE MORTGAGES, LOWER GROWTH?. Economic Inquiry, 54: 652–674. doi: 10.1111/ecin.12254, which has been published in final form at http://onlinelibrary.wiley.com/doi/10.1111/ecin.12254/abstract. This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving.en_UK
dc.subjectcrediten_UK
dc.subjectgrowthen_UK
dc.subjectstocksen_UK
dc.subjectflowsen_UK
dc.subjectdynamic panel analysisen_UK
dc.titleMore Mortgages, Lower Growth?en_UK
dc.typeJournal Articleen_UK
dc.rights.embargodate2017-12-16en_UK
dc.rights.embargoreason[MortgageGrowth_Bezemeretal2015 (1).pdf] Publisher requires embargo of 24 months after formal publication.en_UK
dc.identifier.doi10.1111/ecin.12254en_UK
dc.citation.jtitleEconomic Inquiryen_UK
dc.citation.issn1465-7295en_UK
dc.citation.issn0095-2583en_UK
dc.citation.volume54en_UK
dc.citation.issue1en_UK
dc.citation.spage652en_UK
dc.citation.epage674en_UK
dc.citation.publicationstatusPublisheden_UK
dc.citation.peerreviewedRefereeden_UK
dc.type.statusAM - Accepted Manuscripten_UK
dc.author.emailmaria.grydaki@stir.ac.uken_UK
dc.citation.date15/10/2015en_UK
dc.contributor.affiliationUniversity of Groningenen_UK
dc.contributor.affiliationEconomicsen_UK
dc.contributor.affiliationUniversity of Groningenen_UK
dc.identifier.isiWOS:000365756100037en_UK
dc.identifier.scopusid2-s2.0-84948665873en_UK
dc.identifier.wtid599766en_UK
dc.contributor.orcid0000-0003-1757-6623en_UK
dc.date.accepted2015-04-19en_UK
dcterms.dateAccepted2015-04-19en_UK
dc.date.filedepositdate2015-05-01en_UK
rioxxterms.apcnot requireden_UK
rioxxterms.typeJournal Article/Reviewen_UK
rioxxterms.versionAMen_UK
local.rioxx.authorBezemer, Dirk|en_UK
local.rioxx.authorGrydaki, Maria|0000-0003-1757-6623en_UK
local.rioxx.authorZhang, Lu|en_UK
local.rioxx.projectInternal Project|University of Stirling|https://isni.org/isni/0000000122484331en_UK
local.rioxx.freetoreaddate2017-12-16en_UK
local.rioxx.licencehttp://www.rioxx.net/licenses/under-embargo-all-rights-reserved||2017-12-15en_UK
local.rioxx.licencehttp://www.rioxx.net/licenses/all-rights-reserved|2017-12-16|en_UK
local.rioxx.filenameMortgageGrowth_Bezemeretal2015 (1).pdfen_UK
local.rioxx.filecount1en_UK
local.rioxx.source0095-2583en_UK
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