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Finance and the sources of growth
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Citations: | 697 - 80 self |
Citations
4057 | Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies 58 - Arellano, Bond - 1991 |
2677 | The Theory of Economic Development - Schumpeter - 1934 |
2439 | Why do some countries produce so much more output per worker than others, Quarterly - Hall, Jones - 1999 |
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1876 | Economic Growth in a Cross Section of Countries
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Citation Context ...e simple conditioning information set plus four additional policy variables, that have been identified by the empirical growth literature as being correlated with growth performance across countries (=-=Barro 1991-=-; Easterly, Loayza, and Montiel 1997).sWe use the inflation rate and the ratio of government expenditure to GDP as indicators of macroeconomic stability.sWe use the sum of exports and imports as share... |
1679 | Econometric Analysis of Panel Data - Baltagi - 1995 |
1381 | Finance and Growth: Schumpeter might be Right’. - King, Levine - 1993 |
1295 | Financial development and economic growth: Views and agenda. - Levine - 1997 |
1084 | Financial Dependence and Growth
- Rajan, Zingales
- 1998
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Citation Context ...wth.sRecent industry-level, firm-level, and event-study investigations, however, suggest that the level of financial intermediary development has a large, causal impact on real per capita GDP growth [=-=Rajan and Zingales 1998-=-; Demirgüç-Kunt and Maksimovic 1998; Jayaratne and Strahan 1996].sUsing both pure cross-countrysinstrumental variables procedures as well as dynamic panel techniques, Levine, Loayza, and Beck (1999) s... |
891 | Determinants of Economic Growth: A Cross – Country Empirical Study - Barro - 1996 |
618 | Financial development, growth and the distribution of income’.
- Greenwood, Jovanovic
- 1990
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Citation Context ...re accurate information about production technologies and by exerting corporate control, better financial intermediaries can enhance resource allocation and accelerate growth [Boyd and Prescott 1986; =-=Greenwood and Jovanovic 1990-=-; King and Levine 1993b].sSimilarly, by facilitating risk management, improving the liquidity of assets available to savers, and reducing trading costs, financial intermediaries can encourage investme... |
613 | Reopening the convergence debate: a new look at cross-country growth empirics - Caselli, Esquivel, et al. - 1996 |
606 | Estimating vector autoregressions with panel data - Holtz-Eakin, Newey, et al. - 1988 |
516 |
Finance, entrepreneurship, and growth: Theory and evidence.
- King, Levine
- 1993
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Citation Context ...lative to GDP.sThis measure more carefully distinguishes who is conducting the intermediation, to where the funds are flowing, and we more accurately deflate financial stocks than past studies [e.g., =-=King and Levine 1993-=-a,b].sFinally, we check our results using the King and Levine (1993a,b) and Levine and Zervos (1998) measures of financial intermediation after extending their sample periods and deflating correctly. ... |
489 | Panel Data - Chamberlain - 1984 |
450 | Another look at the instrumental-variable estimation of error-components models - Arellano, Bover - 1995 |
429 |
The Finance-Growth Nexus: Evidence from Bank Branch Deregulation,”
- Jayaratne, Strahan
- 1996
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Citation Context ...stigations, however, suggest that the level of financial intermediary development has a large, causal impact on real per capita GDP growth [Rajan and Zingales 1998; Demirgüç-Kunt and Maksimovic 1998; =-=Jayaratne and Strahan 1996-=-].sUsing both pure cross-countrysinstrumental variables procedures as well as dynamic panel techniques, Levine, Loayza, and Beck (1999) show thatsthe strong, positive relationship between the level of... |
423 | Financial intermediation and delegated monitoring. Review of Economic Studies 939}414 - Diamond - 1984 |
293 | International measures of schooling years and schooling quality. - Barro, JW - 1996 |
254 | Financial Intermediation and Endogenous Growth,
- Bencivenga, Smith
- 1991
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Citation Context ...ating risk management, improving the liquidity of assets available to savers, and reducing trading costs, financial intermediaries can encourage investment in higher-return activities [Obstfeld 1994; =-=Bencivenga and Smith 1991-=-; Greenwood and Smith 1997].sThe effect of better financial intermediaries on savings, however, is theoretically ambiguous.sHigher returns ambiguously affect saving rates due to well-known income and ... |
233 | The legal environment, banks, and long-run economic growth. - Levine - 1998 |
228 | Money, interest and banking in economic development. Baltimore Johns Hopkins - Fry - 1988 |
228 | Financial Structure and Aggregate Economic Activity − An Overview. - Gertler - 1988 |
227 | Returns to Investment in Education: A Global Update,” World Development, - Psacharopoulos - 1994 |
216 | The growth of nations’. - Mankiw - 1995 |
203 | Needed: A Theory of Total Factor Productivity - Prescott - 1998 |
166 | The Impact of Inflation on Financial Sector Performance. - Boyd, Levine, et al. - 2001 |
155 |
Financial intermediation and economic performance: historical evidence from five industrialized countries.
- Rousseau, Wachtel
- 1998
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Citation Context ...development is a good predictor of economic growth even after controlling for many other country characteristics.sTime-series studies confirm that finance predicts growth [Neusser and Kugler 1998 and =-=Rousseau and Wachtel 1998-=-].sOne shortcoming of these papers is that financial intermediary development may be a leading indicator but not an underlying cause of economic growth.sRecent industry-level, firm-level, and event-st... |
123 | A Vision of the Growth Process, - Harberger - 1998 |
116 | Law and finance, - LaPorta, Lopez-de-Silanes, et al. - 1998 |
102 | Life During Growth. - Easterly - 1999 |
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97 | Financial Markets in Development, and the Development of Financial Markets.
- Greenwood, Smith
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Citation Context ...oving the liquidity of assets available to savers, and reducing trading costs, financial intermediaries can encourage investment in higher-return activities [Obstfeld 1994; Bencivenga and Smith 1991; =-=Greenwood and Smith 1997-=-].sThe effect of better financial intermediaries on savings, however, is theoretically ambiguous.sHigher returns ambiguously affect saving rates due to well-known income and substitution effects.sAlso... |
94 | Capital fundamentalism, economic development and economic growth - King, Levine - 1994 |
92 |
Manufacturing Growth and Financial Development: Evidence From OECD Countries,
- Neusser, Kugler
- 1998
(Show Context)
Citation Context ...l of financial intermediary development is a good predictor of economic growth even after controlling for many other country characteristics.sTime-series studies confirm that finance predicts growth [=-=Neusser and Kugler 1998-=- and Rousseau and Wachtel 1998].sOne shortcoming of these papers is that financial intermediary development may be a leading indicator but not an underlying cause of economic growth.sRecent industry-l... |
85 | Financial intermediary coalitions, - Boyd, Prescott - 1986 |
67 |
Does schooling cause growth or the other way around?”. NBER Working Paper 6393
- Bils, Klenow
- 1998
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Citation Context ...counts, which is commonly taken to be between 0.3 and 0.4.sBesides this traditional measure, we also control for human capital accumulation in computing TFP growth (using both the Mankiw 1995 and the =-=Bils and Klenow 1998-=- specifications).sSince these alternative productivity growth measures produce similar results, we report only the results with the simple, traditional TFP measure.4 Finally, this paper also uses an i... |
62 | Has Latin America’s post-reform growth been disappointing?. - Easterly, Loayza, et al. - 1997 |
59 | Needed: A Theory of Total Factor - Prescott - 1998 |
58 | Panel Data,” in Handbook of Econometrics - Chamberlain - 1984 |
58 | Financial Intermediation, Business Failures, and Real Business Cycles,” - Williamson - 1987 |
40 | New estimates of total factor productivity growth for developing and industrial countries’. Policy Research Working Papers no. 1313 - Nehru, Dhareshwar - 1994 |
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37 | Estimating deterministic trends in the presence of serially correlated errors. The Review of Economics and Statistics 184}200.
- Canjels, Watson
- 1997
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Citation Context ...ated 10 coefficient on the time trend as the growth rate.sThis procedure is more robust to differences in the serial correlation properties of the data than simply using the geometric rate of growth [=-=Watson 1992-=-].13sWe do not use least squares growth rates for the panel data because the data are only over five-year periods.sInstead, we calculate real per capita GDP growth as the geometric rate of growth for ... |
29 | Symmetrically Normalised Instrumental Variable Estimation Using Panel Data,” - Alonso-Borrego, Arellano - 1996 |
21 |
The Growth Of Nations,” Brookings Papers On Economic Activity
- Mankiw
- 1995
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Citation Context ...e national income accounts, which is commonly taken to be between 0.3 and 0.4.sBesides this traditional measure, we also control for human capital accumulation in computing TFP growth (using both the =-=Mankiw 1995-=- and the Bils and Klenow 1998 specifications).sSince these alternative productivity growth measures produce similar results, we report only the results with the simple, traditional TFP measure.4 Final... |
20 | Optimal savings under uncertainty", Review of Economic Studies - Levhari, Srinivasan - 1969 |
15 | Risk-Taking, Global Diversification, and Growth," American Economic Review, - Obstfeld - 1994 |
14 | Ideas versus Rival Human Capital: Industry Evidence on Growth Models,”
- Klenow
- 1998
(Show Context)
Citation Context ...hich is commonly taken to be between 0.3 and 0.4.sBesides this traditional measure, we also control for human capital accumulation in computing TFP growth (using both the Mankiw 1995 and the Bils and =-=Klenow 1998-=- specifications).sSince these alternative productivity growth measures produce similar results, we report only the results with the simple, traditional TFP measure.4 Finally, this paper also uses an i... |
11 | A Vision of the Growth - Harberger - 1998 |
8 | Economic Growth. "American Economic Review - Market, Banks - 1998 |
7 |
Capital Fundamentalism, Economic Development
- King, Levine
- 1994
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Citation Context ...tal stocks. Researchers typically make an initial estimate of the capital stock in 1950 and then use aggregate investment data and a single depreciation rate to compute capital stocks in later years [=-=King and Levine 1994-=-].sThe figures reported in the paper use capital stocks computed in this way because of data availability.sRecently, however, the Penn-World Tables compiled disaggregated investment data (machinery, t... |
6 | Estimating Vector Autoregressions with - Holtz-Eakin, Newey, et al. - 1990 |
6 |
Foreign Law Current Sources of Codes and Legislation
- Reynolds, Flores
- 1996
(Show Context)
Citation Context ...lopment To control for potential simultaneity bias, we first use instrumental variables developed by LLSV (1998).sLegal systems with European origins can be classified into four major legal families [=-=Reynolds and Flores 1996-=-]: the English common law, and the French, German, and Scandinavian civil law countries. 18sAll four families descend from the Roman law as compiled by Byzantine Emperor Justinian in the sixth century... |
4 | Financial intermediary coalitions. Journal of Economic Theory 38 (2), 211 – 232. Alfaro et al - Boyd, Prescott - 1986 |
4 | What Causes Violent Crime?”, mimeo - Fajnzylber, Lederman, et al. - 1999 |
3 | Economic Growth. Journal of Financial Intermediation Volume 8, Issues 1-2 - Law - 1995 |
2 | Panel Data Estimators and Cross-Country Growth Regressions: A Cautionary Tale - Bond, Hoeffler, et al. - 1997 |
2 | Latin America’s Post Reform Growth Been Disappointing - “Has - 1997 |
2 | Perspectives on Capital and Technology - Harberger - 1978 |
2 | Capital Accumulation Redux", mimeo - Levine, Orlov - 1998 |
1 | Endogenous Growth Theory. (Massachusetts Institute of Technology Press - Aghion, Howitt - 1998 |
1 | Its not K or H, its A”, mimeo, The World Bank - Easterly, Levine - 1999 |
1 | What Drives Saving Across the World?”, mimeo 1998, The World Bank - Loayza, Schmidt-Hebbel, et al. |
1 | Note on Estimating Deterministic Trends in the Presence of Serially Correlated Errors,” 1992, Northwestern University Working Paper - “A - 1987 |
1 | on legal origin are from LLSV (1998a) and from Reynolds and Flores - Data - 1996 |
1 | discussion and citations in King and Levine - See - 1994 |
1 | use a measure of gross claims on the private sector divided by GDP. But, this measure includes credits issued by the monetary authority and government agencies, whereas PRIVATE CREDIT includes only credits issued by financial intermediaries and other fina - example, King, et al. - 1993 |
1 | Growth: Some Things to Remember", mimeo, The World Bank - Easterly, Levine, et al. - 1999 |
1 | World Saving Database”, mimeo 1998, The World Bank - Loayza, Lopez, et al. |
1 | Data Appendix A. Countries in the Sample 1 in the 63 country cross-country sample for GDP, capital and productivity growth 2 in the 77 country panel sample for GDP, capital and productivity growth 3 in the 72 country panel sample for alternative productiv - Williamson - 1987 |
1 | Symmetrically Nortnalised Instrumental Variable Estimation Using Panel Data," CEMFI Working Paper No - Alonso-Borrego, Arellano - 1996 |
1 | 7 Credits by nonbank financial intermediaries to the private sector grow as proportion of total credits by the financial system to the private sector as countries develop and the level of development of these nonbanks is positively correlated with longrun - Finally |