The Finance And Growth Nexus Re Examined
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| Author | : Mr.Adolfo Barajas |
| Publisher | : International Monetary Fund |
| Total Pages | : 47 |
| Release | : 2013-05-29 |
| Genre | : Business & Economics |
| ISBN | : 1484378962 |
A large theoretical and empirical literature has focused on the impact of financial deepening on economic growth throughout the world. This paper contributes to the literature by investigating whether this impact differs across regions, income levels, and types of economy. Using a rich dataset for 150 countries for the period 1975–2005, dynamic panel estimation results suggest that the beneficial effect of financial deepening on economic growth in fact displays measurable heterogeneity; it is generally smaller in oil exporting countries; in certain regions, such as the Middle East and North Africa (MENA); and in lower-income countries. Further analysis suggests that these differences might be driven by regulatory/supervisory characteristics and related to differences in the ability to provide widespread access to financial services.
| Author | : Mr.Adolfo Barajas |
| Publisher | : International Monetary Fund |
| Total Pages | : 47 |
| Release | : 2013-05-29 |
| Genre | : Business & Economics |
| ISBN | : 1484372107 |
A large theoretical and empirical literature has focused on the impact of financial deepening on economic growth throughout the world. This paper contributes to the literature by investigating whether this impact differs across regions, income levels, and types of economy. Using a rich dataset for 150 countries for the period 1975–2005, dynamic panel estimation results suggest that the beneficial effect of financial deepening on economic growth in fact displays measurable heterogeneity; it is generally smaller in oil exporting countries; in certain regions, such as the Middle East and North Africa (MENA); and in lower-income countries. Further analysis suggests that these differences might be driven by regulatory/supervisory characteristics and related to differences in the ability to provide widespread access to financial services.
| Author | : Muhammad Shahbaz |
| Publisher | : Springer Nature |
| Total Pages | : 245 |
| Release | : 2021-09-21 |
| Genre | : Business & Economics |
| ISBN | : 3030790037 |
This book looks into the relationship between financial development, economic growth, and the possibility of a potential capital flight in the transmission process. It also examines the important role that financial institutions, financial markets, and country-level institutional factors play in economic growth and their impact on capital flight in emerging economies. By presenting new theoretical insights and empirical country studies as well as econometric approaches, the authors focus on the relationship between financial development and economic growth with capital flight in the era of financial crisis. Therefore, this book is a must-read for researchers, scholars, and policy-makers, interested in a better understanding of economic growth and financial development of emerging economies alike.
| Author | : Mr.Jean-Louis Arcand |
| Publisher | : International Monetary Fund |
| Total Pages | : 50 |
| Release | : 2012-06-01 |
| Genre | : Business & Economics |
| ISBN | : 1475526105 |
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.
| Author | : Aslı Demirgüç-Kunt |
| Publisher | : MIT Press |
| Total Pages | : 452 |
| Release | : 2001 |
| Genre | : Business & Economics |
| ISBN | : 9780262541794 |
CD-ROM contains: World Bank data.
| Author | : Katsiaryna Svirydzenka |
| Publisher | : International Monetary Fund |
| Total Pages | : 43 |
| Release | : 2016-01-12 |
| Genre | : Business & Economics |
| ISBN | : 1513583700 |
There is a vast body of literature estimating the impact of financial development on economic growth, inequality, and economic stability. A typical empirical study approximates financial development with either one of two measures of financial depth – the ratio of private credit to GDP or stock market capitalization to GDP. However, these indicators do not take into account the complex multidimensional nature of financial development. The contribution of this paper is to create nine indices that summarize how developed financial institutions and financial markets are in terms of their depth, access, and efficiency. These indices are then aggregated into an overall index of financial development. With the coverage of 183 countries on annual frequency between 1980 and 2013, the database should offer a useful analytical tool for researchers and policy makers.
| Author | : Mohamed Sami Ben Ali |
| Publisher | : Palgrave Macmillan |
| Total Pages | : 0 |
| Release | : 2015-11-19 |
| Genre | : Business & Economics |
| ISBN | : 9781137486462 |
Using cases on individual countries, Economic Development in the Middle East and North Africa offers diverse theoretical and empirical evidence on a variety of issues facing policymakers, investors, and other stakeholders in the region.
| Author | : Mr.Luc Laeven |
| Publisher | : International Monetary Fund |
| Total Pages | : 33 |
| Release | : 2012-06-01 |
| Genre | : Business & Economics |
| ISBN | : 1475505051 |
We update the widely used banking crises database by Laeven and Valencia (2008, 2010) with new information on recent and ongoing crises, including updated information on policy responses and outcomes (i.e. fiscal costs, output losses, and increases in public debt). We also update our dating of sovereign debt and currency crises. The database includes all systemic banking, currency, and sovereign debt crises during the period 1970-2011. The data show some striking differences in policy responses between advanced and emerging economies as well as many similarities between past and ongoing crises.
| 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 | : 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
