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This article investigates the influences of financial development on economic growth for South Korea. The analysis is performed using an error correction model and a nonlinear smooth transition error correction technique. Empirical results from the cointegration test reveal that there is a long-run equilibrium relationship among financial development and economic growth. We also demonstrate that the nonlinear specification is more appropriate than the linear model and confirm the presence of nonlinearity in the aggregate output. Furthermore, we find that the short-run effect of financial development on economic growth is unstable despite the positive long-term effect.

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This report employs count panel (as opposed to cross-sectional) data to empirically investigate the determinants of direct-mail coupon use. We focus on comparing the coupon use discrepancies between national and store dairy brands. The results do not support the main hypothesis that participants use more coupons the longer they stay in the coupon program. Evidence also shows that prior use significantly explains the coupon-redemption behavior, while it is found that there are significant expiration date and face value effects. The distance of the consumers from the redemption location is found to be significant. [EconLit citations: C25, J10, and M37.] © 2004 Wiley Periodicals, Inc. Agribusiness 20: 189-200, 2004.