Value added growth, financial dependence, and financial development: multiple crises, crisis other than banking, and time trends the dependent variable is the difference in real growth in value added between the crisis period and the pre-crisis period. Level 0: complete financial dependence on the kindness of strangers who have no vested interest in your success panhandling when unable to work, or companies reliant on raising money from first-time investors who don’t care if you fail. We show that financial development has a non-monotonic effect on growth in the rajan and zingales (1998) and fisman and love (2007) sample beyond a threshold, financially dependent industries and industries facing good growth opportunities grow disproportionately more slowly. Dependence on external finance to identify the growth effects of international differences in financial development for a heterogeneous sample of countries but sampling such different countries might. Abstract the relationships among competition in the financial sector, access of firms to external financing, and associated economic growth are ambiguous in theory.
First, even though a country's financial development in 1960 is a predetermined variable relative to the economic growth in the next three decades, both financial and economic development may still be mere consequences of a common omitted factor. Authors title journal year edition pages jel codes keywords replication type replication result [refer to replication type 1 and 2] raw data call into question. Banking market structure, financial dependence and growth: international evidence from industry data by nicola cetorelli , michele gambera this paper explores the empirical relevance of banking market structure on growth.
For industries, they examined financial dependence (the need for outside capital to finance growth rather than retained cashflows) and the r&d intensity they find quite a large effect. Stock market liberalizations provide a natural experiment to test for the causal relation between financial development and economic growth we test this relation by investigating whether. Financial dependence, banking sector competition, and economic growth stijn claessens world bank and luc laeven world bank claessens is at the.
Financial dependence and growth, crsp working papers 344, center for research in security prices, graduate school of business, university of chicago raghuram g rajan & luigi zingales, 1996 financial dependence and growth, nber working papers 5758, national bureau of. Rajan and zingales (1998) in their seminal paper on financial dependence and growth have shown that financial development in the form of better accounting and disclosure rules and better corporate governance through institutions will reduce the wedge between the cost of internal and external funds. Financial dependence and growth financialdependence raghuramgrajan luigizingales 熊彼特（1911）强调金融机构的发展有利于人均收入的增长。 goldsmith（1969）的实证研究表明金融发展是经济增长的必要条件，但不能确定金 融发展与经济增长的因果关系. The mean of financial development, the difference in growth rates between an industry whose financial dependence is one standard deviation above the mean and the average industry, is 1% more (annually, and in real terms) than in the average country. External dependence and industry growth does financial structure matter thorsten beck and ross levine february 2000 abstract: are market-based or bank-based financial systems better at financing industries that depend heavily on external finance.
Financial dependence and growth this paper examines whether financial development facilitates economic growth by scrutinizing one rationale for such a relationship: thatfinancial development. Financial dependence and growth revisited_经管营销_专业资料。nber working paper series financial dependence and growth revisited raymond fisman inessa love work. Finally, financial regulation is an important determinant of the development of the financial sector, which improves the relationship between financial development and growth understanding how financial development promotes growth is important for designing financial policies and regulations. Abstract in this note, we revisit an earlier, highly influential paper on financial dependence and growth by rajan and zingales (1998), by re-examining their assumptions, and the robustness of their results to alternative theories and interpretations. Financial dependence and growth revisited raymond fisman and inessa love journal of the european economic association, 2007, vol 5, issue 2-3, 470-479 abstract: we revisit an earlier, highly influential paper on financial dependence and growth by rajan and zingales (1998) we re-examine their assumptions, and the robustness of their results to alternative theories and interpretations.
Financial dependence and growth revisited raymond fisman and inessa love nber working paper no 9582 march 2003 jel no g15, g21 abstract in this note, we revisit an earlier, highly influential paper on financial dependence and growth by. Aurélien leroy, banking competition, financial dependence and productivity growth in europe, international economics, (2016) crossref aparna bhatia and megha mahendru , revenue efficiency analysis of scheduled commercial banks in a dynamic environment , indian growth and development review , 8 , 2 , (184) , (2015). Bank competition, financial dependence, and economic growth in the gulf cooperation council giovanni caggiano bank competition, financial dependence, and economic growth in the gulf third, since the baseline results can be driven by the way we measure financial dependence, we use alternative indicators developed in the literature, ie.
Concentration, competition, financial development, financial dependence and industrial growth the coefficient on the interaction term between competition measures (lerner index and boone indicator) and financial dependence is significant with negative sign. The relationships among competition in the financial sector, access of firms to external financing, and associated economic growth are ambiguous in theory moreover, measuring competition in the financial sector can be complex in this paper we first estimate for 16 countries an industrial. Abstract we revisit an earlier, highly influential paper on financial dependence and growth by rajan and zingales (1998) we re-examine their assumptions, and the robustness of their results to alternative theories and interpretations.