@workingpaper{Asongu2013bd,
title = {Finance and growth: New evidence from Meta-analysis},
author = {Simplice A Asongu},
editor = {African 2013 Governance and Development Institute WP/13/029},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Finance-and-growth.-New-evidence-from-Meta-analysis.pdf},
year = {2013},
date = {2013-09-01},
abstract = {Purpose – In a meta-study, we have bridged the gap between the pros and cons of a questionable
finance-growth nexus.
Design/methodology/approach – Over 20 fundamental characteristics that have influenced the
debate over the last decades have been examined. The empirical evidence is based on 196
outcomes from 20 studies. We assess the degree of heterogeneity and identify causes of the
observed differentiation.
Findings – Our findings also show evidence of publication bias. Overall, a genuine effect exists
between financial development and economic growth. A finance-growth nexus might not be
appealing in our era because of: endogeneity-based estimations, publication bias and, effects of
financial activity. A historical justification has also been discussed.
Practical implications – Encouraging the publication of results with findings that are not
consistent with the mainstream positive finance-growth nexus should provide new scholarly
insights into the relationship. Depending on the specific context of sampled countries, the role of
policy has also been to encourage financial development through measures that may expose
countries to negative external shocks like financial crises. Policy makers that have been viewing
the challenges of development exclusively from this point of view for the rewards of growth may
not be getting the financial dynamics correctly.
Originality/value – Very few meta-analysis studies have focused on the finance-growth nexus.},
keywords = {Meta analysis; Finance; Economic growth; Publication bias},
pubstate = {published},
tppubtype = {workingpaper}
}

@workingpaper{Asongu2013by,
title = {Finance and growth: Schumpeter might be wrong in our era. New evidence from Meta-analysis},
author = {Simplice A Asongu},
editor = {African 2013 Governance and Development Institute WP/13/009},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Finance-and-growth.-Schumpeter-might-be-wrong-in-our-era.-New-evidence-from-meta-analysis.pdf},
year = {2013},
date = {2013-01-01},
abstract = {Purpose – In a meta-study on the finance-growth nexus, we have bridged the gap between
Schumpeterian authors and sympathizers of a questionable finance-growth nexus.
Design/methodology/approach – Over 20 fundamental characteristics that have influenced the
debate over the last decades have been examined. The empirical evidence is based on 196
outcomes from 20 studies. We assess the degree of heterogeneity and identify causes of the
observed differentiation.
Findings – Our findings also show evidence of publication bias. Overall, a genuine effect exists
between financial development and economic growth. Schumpeter’s thesis might be wrong in our
era because of: endogeneity-based estimations, publication bias and, effects of financial activity.
A historical justification has also been discussed.
Originality/value – Very few meta-analysis studies have focused on the finance-growth nexus.},
keywords = {Meta analysis; Finance; Economic growth; Publication bias},
pubstate = {published},
tppubtype = {workingpaper}
}