Financial Indicators And Growth In A Cross Section Of Countries
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Financial Indicators And Growth In A Cross Section Of Countries
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Author : Robert Graham King
language : en
Publisher: World Bank Publications
Release Date : 1992
Financial Indicators And Growth In A Cross Section Of Countries written by Robert Graham King and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Economic development categories.
Financial indicators may be linked to growth through two "channels" in particular: the share of GDP allocated to investment and the efficiency with which resources are used. It is empirically important to identify which financial intermediaries are doing the intermediation and to whom the financial system is allocating credit rather than simply using proxies for the overall size of the financial system, as has been common in past studies.
An Empirical Reassessment Of The Relationship Between Finance And Growth
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Author : Mr.Giovanni Favara
language : en
Publisher: International Monetary Fund
Release Date : 2003-06-01
An Empirical Reassessment Of The Relationship Between Finance And Growth written by Mr.Giovanni Favara 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 2003-06-01 with Business & Economics categories.
This paper reexamines the empirical relationship between financial development and economic growth. It presents evidence based on cross-section and panel data using an updated dataset, a variety of econometric methods, and two standard measures of financial development: the level of liquid liabilities of the banking system and the amount of credit issued to the private sector by banks and other financial institutions. The paper identifies two sets of findings. First, in contrast with the recent evidence of Levine, Loayza, and Beck (2001), cross-section and panel-data-instrumental-variables regressions reveal that the relationship between financial development and economic growth is, at best, weak. Second, there is evidence of nonlinearities in the data, suggesting that finance matters for growth only at intermediate levels of financial development. Moreover, using a procedure appropriately designed to estimate long-run relationships in a panel with heterogeneous slope coefficients, there is no clear indication that finance spurs economic growth. Instead, for some specifications, the relationship is, puzzlingly, negative.
Financial Development And Economic Growth
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Author : Mr.Mohsin S. Khan
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2000-12-01
Financial Development And Economic Growth written by Mr.Mohsin S. Khan 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 2000-12-01 with Business & Economics categories.
In recent years there has been substantial theoretical and empirical work on the role that financial markets play in fostering economic growth and development. This paper provides a selective review of the literature, as well as new empirical evidence on the relationship between financial development and economic growth for a large cross-section sample of countries. While the results indicate that the effect of financial development on growth is positive, the size of the effect varies with different indicators of financial development, estimation method, data frequency, and the functional form of the relationship.
Capital Account Liberalization Financial Depth And Economic Growth
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Author : Michael W. Klein
language : en
Publisher:
Release Date : 1999
Capital Account Liberalization Financial Depth And Economic Growth written by Michael W. Klein and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Capital market categories.
Shows a statistically significant and economically relevant effect of open capital accounts on financial deepness and economic growth in a cross-section of countries over the period 1986 to 1995.
Capital Fundamentalism Economic Development And Economic Growth
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Author : Robert Graham King
language : en
Publisher: World Bank Publications
Release Date : 1994
Capital Fundamentalism Economic Development And Economic Growth written by Robert Graham King and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Capital categories.
Should our research and policy advice be guided by a modern version of capital fundamentalism, in which capital and investment are viewed as the primary determinants of economic development and long- run growth? No. Capital accumulation seems to be part of the process of economic development, not its igniting source.
Finance And Growth
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Author : Vladimir Drebentsov
language : en
Publisher:
Release Date : 2017
Finance And Growth written by Vladimir Drebentsov and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Joseph Schumpeter argued in 1911 that the services provided by financial intermediaries - mobilizing savings, evaluating projects, managing risk, monitoring managers, and facilitating transactions -stimulate technological innovation and economic development. The authors present evidence that supports this view. Examining a cross-section of about 80 countries for the period 1960-89, they find that various measures of financial development are strongly associated with both current and later rates of economic growth. Each measure has shortcomings but all tell the same story: finance matters. They present three main findings, which are robust to many specification tests: The average level of financial development for 1960-89 is very strongly associated with growth for the period. Financial development precedes growth. For example, financial depth in 1960 (the ratio of broad money to GDP) is positively and significantly related to real per capita GDP growth over the next 30 years even after controlling for a variety of country-specific characteristics and policy indicators. Financial development is positively associated with both investment rate and the efficiency with which economies use capital. Much work remains to be done, but the data are consistent with Schumpeter's view that the services provided by financial intermediaries stimulate long-run growth.
Economic Growth Does Finance Matter
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Author : Niklas Humann
language : en
Publisher: GRIN Verlag
Release Date : 2021-09-23
Economic Growth Does Finance Matter written by Niklas Humann and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-23 with Business & Economics categories.
Bachelor Thesis from the year 2021 in the subject Economics - Finance, grade: 1.0, University of Münster, language: English, abstract: While it is fair to say that almost all countries are better off than they were 70 years ago, this wealth seems to be distributed ever more unequally. One of the most significant questions – not just in economics, but social sciences in general – is how these differences came to be and what can be done to reduce them. Why do some countries thrive while others perish? What determines their growth? This thesis explores one aspect of economic growth: the importance of a well developed, that is deep, accessible, efficient, and stable financial system. The discussion of this finance-growth-nexus can be traced back all the way to Schumpeter (1911) and was more recently revived by King and Levine (1993). Since then, numerous studies have investigated the subject – to this day without reaching a consensus. The objective of this thesis is to not only review some of the empirical and theoretical evidence , but to also replicate and expand on the research with recent data and a novel approach to measuring financial development. To this end, the author has compiled an unbalanced panel of 121 countries over the period from 1960 to 2017, which will serve as a basis for the empirical part of the argumentation
International Capital Flows And Development
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Author : Mr.Thierry Tressel
language : en
Publisher: International Monetary Fund
Release Date : 2010-10-01
International Capital Flows And Development written by Mr.Thierry Tressel 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 2010-10-01 with Business & Economics categories.
Does capital flow from rich to poor countries? We revisit the Lucas paradox and explore the role of capital account restrictions in shaping capital flows at various stages of economic development. We find that, when accounting for the degree of capital account openness, the prediction of the neoclassical theory is confirmed: less developed countries tend to experience net capital inflows and more developed countries tend to experience net capital outflows, conditional of various countries’ characteristics. The findings are driven by foreign direct investment, portfolio equity investment, and to some extent by loans to the private sector.
Credibility Of Rules And Economic Growth Evidence From A Worldwide Survey Of The Private Sector
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Author : Gregory Kisunko
language : en
Publisher:
Release Date : 1999
Credibility Of Rules And Economic Growth Evidence From A Worldwide Survey Of The Private Sector written by Gregory Kisunko and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
April 1997 An indicator of the credibility of rules is constructed from broad cross-country survey data and it is shown that low credibility is associated with lower rates of growth and investment. Economic theory and case study evidence have long suggested that institutional factors, such as well-defined property and contract rights, may be crucial in explaining differences in economic performance across countries. Much of the recent discussion about governance has, for example, focused on the role of corruption and its consequences for investment and growth. By comparison, the empirical literature relating institutional factors with growth has been relatively scarce and has mainly concentrated on crude proxies such as political instability and macroeconomic volatility. The problem of most of these variables in that they inadequately capture the uncertainties that are relevant for entrepreneurs. Brunetti, Kisunko, and Weder propose new measures of institutional uncertainty based on the subjective evaluations of entrepreneurs. They surveyed the private sector in a broad cross-section of countries. The survey was designed to capture institutional factors such as the predictability of rules, entrepreneurs' fears of policy surprises and reversals, their perception of safety and security of property, the reliability of the judiciary, and their problems with bureaucratic corruption. The authors construct and test a summary indicator of the credibility of rules, as well as its components in standard cross-country growth and investment regressions. The main findings: The overall indicator of credibility is significantly related with higher rates of investment and growth. The credibility indicator calculated for the subsample of small local companies is even more closely related to the growth performance. The subindicators security of persons and property and predictability of rule-making are most closely associated with growth. The indicators of corruption, perceived political instability, and predictability of judiciary enforcement are most closely associated with investment. Preliminary results for an extended sample - including transition economies - indicate that institutional factors may also help to explain differences in economic performance in these countries. This paper - a product of the Office of the Chief Economist and Senior Vice President, Development Economics- was produced as a background paper for World Development Report 1997 on the role of the state in a changing world. The study was funded in part by the Research Support Budget under the research projects Cross-Country Indicators of Institutional Uncertainty (RPO 680-51), and Indicators of Government Quality as Perceived by the Private Sector (RPO 681-52).
Advances In Cross Section Data Methods In Applied Economic Research
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Author : Nicholas Tsounis
language : en
Publisher: Springer Nature
Release Date : 2020-02-24
Advances In Cross Section Data Methods In Applied Economic Research written by Nicholas Tsounis and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-24 with Business & Economics categories.
This proceedings volume presents new methods and applications in applied economics with special interest in advanced cross-section data estimation methodology. Featuring select contributions from the 2019 International Conference on Applied Economics (ICOAE 2019) held in Milan, Italy, this book explores areas such as applied macroeconomics, applied microeconomics, applied financial economics, applied international economics, applied agricultural economics, applied marketing and applied managerial economics. International Conference on Applied Economics (ICOAE) is an annual conference that started in 2008, designed to bring together economists from different fields of applied economic research, in order to share methods and ideas. Applied economics is a rapidly growing field of economics that combines economic theory with econometrics, to analyze economic problems of the real world, usually with economic policy interest. In addition, there is growing interest in the field of applied economics for cross-section data estimation methods, tests and techniques. This volume makes a contribution in the field of applied economic research by presenting the most current research. Featuring country specific studies, this book is of interest to academics, students, researchers, practitioners, and policy makers in applied economics, econometrics and economic policy.