Article history: Received 18 November 2013 Received in revised form 26 August 2014 Accepted 26 August 2014 Available online 7 September 2014 Extending Sadorsky (2010), this paper focuses on nonlinear effects of financial development and income on energy consumption. Utilizing five alternative measures of financial development, it employs a panel threshold regression approach to reexamine the ef...

This study investigates the role of financial structure on the volatility of four asset prices in Korea. First, historical development of size, activity and efficiency of financial structure is investigated and development of non-bank financial institutions analyzed for the last three decades. Second, using the concept of bank-based and market-based financial structure, it is shown that there e...

We study the effects of differences in local financial development within an integrated financial market. We construct a new indicator of financial development by estimating a regional effect on the probability that, ceteris paribus, a household is shut off from the credit market. By using this indicator we find that financial development enhances the probability an individual starts his own bu...