Finance And Development A Tale Of Two Sectors

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Finance And Development A Tale Of Two Sectors

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Author : Francisco J. Buera
language : en
Publisher:
Release Date : 2009

Finance And Development A Tale Of Two Sectors written by Francisco J. Buera and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Finance categories.

Income differences across countries primarily reflect differences in total factor productivity (TFP). More disaggregated data show that the TFP gap between rich and poor countries varies systematically across industrial sectors of the economy: Poor countries are particularly unproductive in tradable and investment goods sectors. In this paper, we develop a quantitatively-oriented framework to explain such cross-country patterns in aggregate and sectoral TFP. We start by documenting that an important distinction between sectors is their average establishment size. For example, establishments in tradable and investment goods sectors operate at much larger scales than those in the non-tradable sector. In our model, sectors with larger scales of operation have more financing needs, and are hence disproportionately affected by financial frictions. Our quantitative exercises show that financial frictions account for a substantial part of the observed cross-country patterns in TFP, both at the aggregate and at the sectoral level. Our model also has novel implications for the impact of financial frictions on the relative scale between the tradable and the non-tradable sectors, which are shown to be consistent with the data.

Handbook Of Finance And Development

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Author : Thorsten Beck
language : en
Publisher: Edward Elgar Publishing
Release Date : 2018-07-27

Handbook Of Finance And Development written by Thorsten Beck and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-07-27 with Business & Economics categories.

This Handbook provides a comprehensive overview of the relationship between financial and real sector development. The different chapters, written by leading contributors in the field, survey research on the importance of financial development for economic growth, the causes and consequences of financial fragility, the historic development of financial systems in several major economies and regions of the world, and the regulatory and supervisory underpinnings of financial sector development.

Explaining Asean 3 S Investment Puzzle A Tale Of Two Sectors

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Author : Yong Sarah Zhou
language : en
Publisher: International Monetary Fund
Release Date : 2013-01-14

Explaining Asean 3 S Investment Puzzle A Tale Of Two Sectors written by Yong Sarah Zhou and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-14 with Business & Economics categories.

The prolonged investment decline in post-Asian crisis emerging Asia, in contrast to the swift recovery of economic growth, has remained a puzzle. This paper shows that the post-crisis investment recession has been mainly concentrated in the nontradable sector, and hypothesizes that the slowdown is because firms operating in that sector are financially constrained. Empirical results based on macro and firm-level data from Indonesia, Malaysia, and Thailand (ASEAN-3) support this hypothesis.

A Tale Of Two Sectors

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Author : Daniel A Dias
language : en
Publisher: International Monetary Fund
Release Date : 2016-11-15

A Tale Of Two Sectors written by Daniel A Dias and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-11-15 with Business & Economics categories.

Recent empirical studies document that the level of resource misallocation in the service sector is significantly higher than in the manufacturing sector. We quantify the importance of this difference and study its sources. Conservative estimates for Portugal (2008) show that closing this gap, by reducing misallocation in the service sector to manufacturing levels, would boost aggregate gross output by around 12 percent and aggregate value added by around 31 percent. Differences in the effect and size of productivity shocks explain most of the gap in misallocation between manufacturing and services, while the remainder is explained by differences in firm productivity and age distribution. We interpret these results as stemming mainly from higher output price rigidity, greater labor adjustment costs and more informality in the service sector.

Quantifying The Impact Of Financial Development On Economic Development

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Author : Jeremy Greenwood
language : en
Publisher: DIANE Publishing
Release Date : 2010-10

Quantifying The Impact Of Financial Development On Economic Development written by Jeremy Greenwood and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-10 with Business & Economics categories.

How important is financial development for economic development? A costly state verification model of financial intermediation is presented to address this question. The model is calibrated to match facts about the U.S. economy, such as intermediation spreads and the firm-size distribution for the years 1974 and 2004. It is then used to study the international data, using cross-country interest-rate spreads and per-capita GDP. The analysis suggests that a country like Uganda could increase its output by 140 to 180 percent if it could adopt the world's best practice in the financial sector. Still, this amounts to only 34 to 40 percent of the gap between Uganda's potential and actual output. Charts and tables.

Too Much Finance

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Author : Mr.Jean-Louis Arcand
language : en
Publisher: International Monetary Fund
Release Date : 2012-06-01

Too Much Finance written by Mr.Jean-Louis Arcand and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-06-01 with Business & Economics categories.

This paper examines whether there is a threshold above which financial development no longer has a positive effect on economic growth. We use different empirical approaches to show that there can indeed be "too much" finance. In particular, our results suggest that finance starts having a negative effect on output growth when credit to the private sector reaches 100% of GDP. We show that our results are consistent with the "vanishing effect" of financial development and that they are not driven by output volatility, banking crises, low institutional quality, or by differences in bank regulation and supervision.

Barriers To Riches

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Author : Stephen L. Parente
language : en
Publisher: MIT Press
Release Date : 2002-01-25

Barriers To Riches written by Stephen L. Parente and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-01-25 with Business & Economics categories.

Why isn't the whole world as rich as the United States? Conventional views holds that differences in the share of output invested by countries account for this disparity. Not so, say Stephen Parente and Edward Prescott. In Barriers to Riches, Parente and Prescott argue that differences in Total Factor Productivity (TFP) explain this phenomenon. These differences exist because some countries erect barriers to the efficient use of readily available technology. The purpose of these barriers is to protect industry insiders with vested interests in current production processes from outside competition. Were this protection stopped, rapid TFP growth would follow in the poor countries, and the whole world would soon be rich. Barriers to Riches reflects a decade of research by the authors on this question. Like other books on the subject, it makes use of historical examples and industry studies to illuminate potential explanations for income differences. Unlike these other books, however, it uses aggregate data and general equilibrium models to evaluate the plausibility of alternative explanations. The result of this approach is the most complete and coherent treatment of the subject to date.

China And India

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Author : Dilip K. Das
language : en
Publisher: Routledge
Release Date : 2007-01-24

China And India written by Dilip K. Das and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-01-24 with Business & Economics categories.

The economies of the People’s Republic of China and India are emerging-market economies, which account for more than a third of the global population. These two economies share many similarities in that they are large populous neighbours, who were regarded as abjectly poor countries until the 1980s and both are ancient cultures which has both advantages and disadvantages for economic development. However, their political systems are very different. While India is an open democratic society, China is a closed society run in an authoritarian manner by the Chinese Communist Party. This dissimilarity impacts on the economic decision making process in the two economies. This book is the first to systematically compare and contrast the two economies. It takes an objective and dispassionate view and delves into the constructive and favourable side as well as adverse and unfavourable side of the two economies. Written in a comprehensive and authoritative manner, it covers large areas of the two economies, including trade and financial sectors. It also includes other important relevant facets of the two economies.

Financial Structure And Economic Growth

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Author : Aslı Demirgüç-Kunt
language : en
Publisher: MIT Press
Release Date : 2001

Financial Structure And Economic Growth written by Aslı Demirgüç-Kunt and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.

CD-ROM contains: World Bank data.

A Tale Of Two Sectors

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Author : Daniel A Dias
language : en
Publisher: International Monetary Fund
Release Date : 2016-11-15

A Tale Of Two Sectors written by Daniel A Dias and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-11-15 with Business & Economics categories.

Recent empirical studies document that the level of resource misallocation in the service sector is significantly higher than in the manufacturing sector. We quantify the importance of this difference and study its sources. Conservative estimates for Portugal (2008) show that closing this gap, by reducing misallocation in the service sector to manufacturing levels, would boost aggregate gross output by around 12 percent and aggregate value added by around 31 percent. Differences in the effect and size of productivity shocks explain most of the gap in misallocation between manufacturing and services, while the remainder is explained by differences in firm productivity and age distribution. We interpret these results as stemming mainly from higher output price rigidity, greater labor adjustment costs and more informality in the service sector.