5 edition of Financial Structure and Economic Growth found in the catalog.
September 1, 2004
by The MIT Press
Written in English
|Contributions||Asli Demirguc-Kunt (Editor), Ross Levine (Editor)|
|The Physical Object|
|Number of Pages||444|
weak and blunt a tool until our knowledge of both the economic growth and the financial structure of different countries is much further advanced than it is now. This pessimistic attitude is due in part to the absence of any prima-facie evidence of a clear connection between the financial structure and the rate of economic growth in "advanced. We provide an analysis of how financial structure affects economic growth for a given degree of financial and economic development. Differences in the organization of financial activities are shown to affect the creation of new businesses as well as the efficiency of investment in existing firms.
The economic growth rate is calculated from data on GDP estimated by countries' statistical agencies. The rate of growth of GDP per capita is calculated from data on GDP and people for the initial and final periods included in the analysis of the analyst.. Long-term growth. Living standards vary widely from country to country, and furthermore the change in living standards over time varies. This paper examines how a country’s financial structure affects economic growth through its impact on how corporations raise and manage funds. We define a country’s financial structure to consist of the institutions, financial technology, and rules of the game that define how financial activity is organized at a point in time. We emphasize that the aspects of financial structure that.
Assessment of the ties between financial structure and economic growth, based on data from a broad cross-section of countries. Rating: (not yet rated) 0 with reviews - Be the first. E-BOOK EXCERPT. This paper uses new data and new econometric techniques to investigate the impact of international financial integration on economic growth and also to assess whether this relationship depends on the level of economic development, financial development, legal system development, government corruption, and macroeconomic policies.
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This is the first broad cross-country assessment of the ties between financial structure—the mix of financial instruments, institutions, and markets in a given economy—and economic growth since Raymond Goldsmith's landmark study. Most studies focus on developed countries and compare bank-based and market-based systems.
Debates over the relative merits of the two systems have. In this paper we have examined the hotly debated issue of whether financial structure matters for economic growth. Much of the recent empirical work analyzes multi-country dataset at firm- industry- and aggregate-levels utilizing the panel and/or pure cross-section frameworks and concludes that financial structure is by: This is the first broad cross-country assessment of the ties between financial structure--the mix of financial instruments, institutions, and markets in a given economy--and economic growth since Raymond Goldsmith's landmark study.
Most studies focus on developed countries and compare bank-based and market-based systems. Debates over the relative merits of the two systems have.
The connection between financial structure, the level of financial development, and economic growth has been a topic of analysis for decades. The contributors to this book address these relationships with both cross-country econometric analysis and individual case studies.
Financial structure, economic growth and development. This book examines the origins of modern corporate finance systems during the rapid industrialization period leading up to World War I.
The cross-country regressions, the industry panel estimations, and the firm-level analyses provide remarkably consistent conclusions: Financial structure is not an analytically useful way to distinguish financial systems.
Financial structure does not help us understand economic growth, industrial performance, or firm expansion. Whether financial structure influences economic growth is a crucial policy issue. If one form of financial structure is more conducive to economic growth than another, then economic policy must take this into account.
It is, therefore, hardly surprising that the distinction between bank-based and market-based financial systems, and their.
There is even evidence that the level of financial development is a good predictor of future rates of economic growth, capital accumulation, and technological change. Moreover, cross-country, case-study, industry-level, and firm-level analyses document extensive periods when financial development (or the lack thereof) crucially affects the.
Specifically, we examine whether the effect of financial structure on economic growth is affected by the occurrence of banking crisis and economic volatility, the level of financial development, and the financial structure disproportion.
We employ the generalized method of moments estimation to a panel of 99 countries over the – period. The authors explore the relationship between financial structure - the degree to which a financial system is market- or bank-based - and economic development.
They use three methodologies: 1) The cross-country approach uses cross-country data to assess whether economies grow faster with market- or bank-based systems. You can download The European Financial Crisis: Debt, Growth, and Economic Policy in pdf format.
Financial development and economic growth: Theory What is ﬁnancial development. The costs of acquiring information, enforcing contracts, and making transactions cre-ate incentives for the emergence of particular types of ﬁnancial contracts, markets and intermediaries. Different types and combinations of information, enforcement, and.
Downloadable (with restrictions). Financial intermediaries and markets can alleviate market frictions through producing information and risk sharing in different ways. In practice, the structure of financial systems can be bank-based or market-based, varying across countries.
The influence of financial structure on economic growth is dependent on the overall development of the real economy and. nancial system and economic growth, de-signing optimal financial sector policies is critically important.
A rigorous discus-sion of these policies, however, would require a long article or book by itself.5 Instead, this paper seeks to pull together a diverse and active literature into a co-herent view of the financial system in economic growth.
In another study, Olofin and Afangideh’s investigation of financial structure and economic growth in Nigeria, they used a three-stage least square estimation technique on data spanning to and discovered that a developed financial system reduces growth financing constraints by increasing bank credit and investment activities, with a.
Second, economic growth leads to financial development and that where there is economic growth financial development follows (i. Robinson, ). The third view, however, contends that both financial development and economic growth Granger cause one another.
“Financial Structure and Economic Development: Firm, Industry, and Country Evidence.” (with Thorsten Beck, Asli Demirguc-Kunt, and Vojislav Maksimovic) in Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development, Eds.
Asli Demirguc-Kunt and Ross Levine. Cambridge, MA: MIT Press, Financial sector development in South Africa, Studies in Economics and Econometrics, 30(1): Al Najjar,B. Empirical modelling of capital structure: Jordanian evidence.
Journal of Emerging Market Finance. 10(1): Ameer, R. Financial liberalisation and capital structure dynamics in developing.
Financial structure refers to the mix of debt and equity that a company uses to finance its operations. This composition directly affects the risk and value of the associated business.
Book publication We parameterize the model to the firms' financial structure in the data and show that financial restrictions can account for the majority of the difference in growth rates.
Why is growth in Europe so low? Among the contributing factors, this column highlights the role of financial structure. Intermediation in Europe is heavily bank-based, and the authors' novel empirical findings indicate that such a structure exerts a negative effect on long-run economic growth and exacerbates its response to sharp drops in real estate prices.Topics: Financial Sector.
Report Number: WPS, WPS, WPS Citation: Thorsten Beck, Aslı Demirgüç-Kunt and Ross Levine,"A New Database on Financial Development and Structure," World Bank Economic Rev – (An earlier version was issued as World Bank Policy Research Working Paper ).Asli Demirguc-Kunt is the author of Financial Structure and Economic Growth ( avg rating, 1 rating, 0 reviews, published ), The Global Findex Dat 3/5(1).