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This article examines whether financial structure influences economic growth. Recent empirical studies examine this issue by utilizing panel and cross-section approaches. We use time series data and methods, along with the dynamic heterogeneous panel approach in a sample of six low and middle income countries. We find that cross country data cannot be pooled and that financial structure significantly affects real per capita output. We also find that panel estimates, in most cases, do not correspond to country specific estimates, and hence may proffer incorrect inferences for several countries of the panel.
