Explaining The Effect Of Financial Development On The Quality Of Property Rights
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| Author | : Ross Levine |
| Publisher | : |
| Total Pages | : 130 |
| Release | : 2004 |
| Genre | : Economic development |
| ISBN | : |
"This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth. The paper highlights many areas needing additional research"--NBER website
| Author | : Mr.Pablo Emilio Guidotti |
| Publisher | : International Monetary Fund |
| Total Pages | : 38 |
| Release | : 1992-12-01 |
| Genre | : Business & Economics |
| ISBN | : 1451852452 |
This paper examines the empirical relationship between long–run growth and the degree of financial development, proxied by the ratio of bank credit to the private sector as a fraction of GDP. We find that this proxy enters significantly and with a positive sign in growth regressions on a large cross–country sample, but with a negative sign using panel data for Latin America. Our findings suggest that the main channel of transmission from financial development to growth is the efficiency of investment, rather than its volume. We also present a model where the negative correlation between financial intermediation and growth results from financial liberalization in a poor regulatory environment.
| Author | : Thorsten Beck |
| Publisher | : World Bank Publications |
| Total Pages | : 36 |
| Release | : 2004 |
| Genre | : Finance |
| ISBN | : |
"While substantial research finds that financial development boosts overall economic growth, we study whether financial development disproportionately raises the incomes of the poor and alleviates poverty. Using a broad cross-country sample, we distinguish among competing theoretical predictions about the impact of financial development on changes in income distribution and poverty alleviation. We find that financial development reduces income inequality by disproportionately boosting the incomes of the poor. Countries with better-developed financial intermediaries experience faster declines in measures of both poverty and income inequality. These results are robust to controlling for other country characteristics and potential reverse causality"--National Bureau of Economic Research web site.
| Author | : |
| Publisher | : World Bank Publications |
| Total Pages | : 52 |
| Release | : |
| Genre | : |
| ISBN | : |
| Author | : Mr.Ayhan Kose |
| Publisher | : International Monetary Fund |
| Total Pages | : 68 |
| Release | : 2003-09-03 |
| Genre | : Business & Economics |
| ISBN | : 9781589062214 |
This study provides a candid, systematic, and critical review of recent evidence on this complex subject. Based on a review of the literature and some new empirical evidence, it finds that (1) in spite of an apparently strong theoretical presumption, it is difficult to detect a strong and robust causal relationship between financial integration and economic growth; (2) contrary to theoretical predictions, financial integration appears to be associated with increases in consumption volatility (both in absolute terms and relative to income volatility) in many developing countries; and (3) there appear to be threshold effects in both of these relationships, which may be related to absorptive capacity. Some recent evidence suggests that sound macroeconomic frameworks and, in particular, good governance are both quantitatively and qualitatively important in affecting developing countries’ experiences with financial globalization.
| Author | : |
| Publisher | : World Economic Forum |
| Total Pages | : 363 |
| Release | : 2008 |
| Genre | : Economic development |
| ISBN | : 9295044088 |
| Author | : Philippe Aghion |
| Publisher | : Elsevier |
| Total Pages | : 1139 |
| Release | : 2005-12-09 |
| Genre | : Business & Economics |
| ISBN | : 0080461131 |
The Handbooks in Economics series continues to provide the various branches of economics with handbooks which are definitive reference sources, suitable for use by professional researchers, advanced graduate students, or by those seeking a teaching supplement.The Handbook of Economic Growth, edited by Philippe Aghion and Steven Durlauf, with an introduction by Robert Solow, features in-depth, authoritative survey articles by the leading economists working on growth theory.Volume 1A, the first in this two volume set, covers theories of economic growth, the empirics of economic growth, and growth policies and mechanisms.Volume 1B, the second in this two volume set, covers technology, trade and geography, and growth and socio-economic development.
| Author | : Mr.Dhaneshwar Ghura |
| Publisher | : International Monetary Fund |
| Total Pages | : 32 |
| Release | : 1995-12-01 |
| Genre | : Business & Economics |
| ISBN | : 1451855753 |
The paper investigates empirically the determinants of economic growth for a large sample of sub-Saharan African countries during 1981-92. The results indicate that (i) an increase in private investment has a relatively large positive impact on per capita growth; (ii) growth is stimulated by public policies that lower the budget deficit in relation to GDP (without reducing government investment), reduce the rate of inflation, maintain external competitiveness, promote structural reforms, encourage human capital development, and slow population growth; and (iii) convergence of per capita income occurs after controlling for human capital development and public policies.
| Author | : Dennis C. Mueller |
| Publisher | : OUP USA |
| Total Pages | : 574 |
| Release | : 2012-04-19 |
| Genre | : Business & Economics |
| ISBN | : 0195391179 |
The financial crisis that began in 2008 and its lingering aftermath have caused many intellectuals and politicians to question the virtues of capitalist systems. The 19 original essays in this handbook, written by leading scholars from Asia, North America, and Europe, analyze both the strengths and weaknesses of capitalist systems. The volume opens with essays on the historical and legal origins of capitalism. These are followed by chapters describing the nature, institutions, and advantages of capitalism: entrepreneurship, innovation, property rights, contracts, capital markets, and the modern corporation. The next set of chapters discusses the problems that can arise in capitalist systems including monopoly, principal agent problems, financial bubbles, excessive managerial compensation, and empire building through wealth-destroying mergers. Two subsequent essays examine in detail the properties of the "Asian model" of capitalism as exemplified by Japan and South Korea, and capitalist systems where ownership and control are largely separated as in the United States and United Kingdom. The handbook concludes with an essay on capitalism in the 21st century by Nobel Prize winner Edmund Phelps.
| Author | : Stephen H. Haber |
| Publisher | : Stanford University Press |
| Total Pages | : 330 |
| Release | : 2008 |
| Genre | : Business & Economics |
| ISBN | : 9780804756921 |
The essays in this volume employ the insights and techniques of political science, economics and history to provide a fresh answer to this question.
