Financial Development And Source Of Growth

Author : Mr.Sami Ben Naceur,Mr.Robert Blotevogel,Mr.Mark Fischer,Haiyan Shi
Publisher : International Monetary Fund
Page : 41 pages
File Size : 53,5 Mb
Release : 2017-06-30
Category : Business & Economics
ISBN : 9781484306321

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Financial Development and Source of Growth by Mr.Sami Ben Naceur,Mr.Robert Blotevogel,Mr.Mark Fischer,Haiyan Shi Pdf

This paper examines how financial development affects the sources of growth—productivity and investment—using a sample of 145 countries for the period 1960-2011. We employ a range of econometric approaches, focusing on the CCA and MENA countries. The analysis looks beyond financial depth to capture the access, efficiency, stability, and openness dimensions of financial development. Yet even in this broad interpretation, financial development does not appear to be a magic bullet for economic growth. We cannot confirm earlier findings of an unambiguously positive relationship between financial development, investment, and productivity. The relationship is more complex. The influence of the different dimensions of financial development on the sources of growth varies across income levels and regions.

Author : Thorsten Beck,Ross Levine,Norman Loayza
Publisher : World Bank Publications
Page : 51 pages
File Size : 53,5 Mb
Release : 1999
Category : Acumulacion de capital
ISBN : 8210379456XXX

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Finance and the Sources of Growth by Thorsten Beck,Ross Levine,Norman Loayza Pdf

Author : Ms.Ratna Sahay,Martin Cihak,Mr.Papa M N'Diaye,Mr.Adolfo Barajas,Ms.Diana B Ayala Pena,Ran Bi,MissYuan Gao,Ms.Annette J Kyobe,Lam Nguyen,Christian Saborowski,Katsiaryna Svirydzenka,Mr.Reza Yousefi
Publisher : International Monetary Fund
Page : 41 pages
File Size : 46,8 Mb
Release : 2015-05-04
Category : Business & Economics
ISBN : 9781498312615

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Rethinking Financial Deepening by Ms.Ratna Sahay,Martin Cihak,Mr.Papa M N'Diaye,Mr.Adolfo Barajas,Ms.Diana B Ayala Pena,Ran Bi,MissYuan Gao,Ms.Annette J Kyobe,Lam Nguyen,Christian Saborowski,Katsiaryna Svirydzenka,Mr.Reza Yousefi Pdf

The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines financial deepening, focusing on what emerging markets can learn from the advanced economy experience. It finds that gains for growth and stability from financial deepening remain large for most emerging markets, but there are limits on size and speed. When financial deepening outpaces the strength of the supervisory framework, it leads to excessive risk taking and instability. Encouragingly, the set of regulatory reforms that promote financial depth is essentially the same as those that contribute to greater stability. Better regulation—not necessarily more regulation—thus leads to greater possibilities both for development and stability.

Author : Basudeb Guha-Khasnobis,George Mavrotas
Publisher : Springer
Page : 317 pages
File Size : 49,5 Mb
Release : 2008-04-01
Category : Business & Economics
ISBN : 9780230594029

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Financial Development, Institutions, Growth and Poverty Reduction by Basudeb Guha-Khasnobis,George Mavrotas Pdf

This book explores country case studies and works that detail the exact transmission mechanisms through which financial development can enhance pro-poor development in order to derive best practices in this field. This is an important companion for professionals and policymakers, and also a vital reference source for students.

Author : Katsiaryna Svirydzenka
Publisher : International Monetary Fund
Page : 43 pages
File Size : 45,6 Mb
Release : 2016-01-12
Category : Business & Economics
ISBN : 9781513530734

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Introducing a New Broad-based Index of Financial Development by Katsiaryna Svirydzenka Pdf

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 : Robert Graham King,Ross Levine
Publisher : World Bank Publications
Page : 49 pages
File Size : 54,6 Mb
Release : 1993
Category : Desarrollo economico
ISBN : 8210379456XXX

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Finance and Growth Schumpter Might Be Right by Robert Graham King,Ross Levine Pdf

Author : Mr. Ross Levine
Publisher : International Monetary Fund
Page : 80 pages
File Size : 47,7 Mb
Release : 2021-06-11
Category : Business & Economics
ISBN : 9781513583365

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Finance, Growth, and Inequality by Mr. Ross Levine Pdf

Finance and growth emerged as a distinct field of economics during the last three decades as economists integrated the fields of finance and economic growth and then explored the ramifications of the functioning of financial systems on economic growth, income distribution, and poverty. In this paper, I review theoretical and empirical research on the connections between the operation of the financial system and economic growth and inequality. While subject to ample qualifications, the preponderance of evidence suggests that (1) financial development—both the development of banks and stock markets—spurs economic growth and (2) better functioning financial systems foster growth primarily by improving resource allocation and technological change, not by increasing saving rates. Some research also suggests that financial development expands economic opportunities and tightens income distribution, primarily by boosting the incomes of the poor. This work implies that financial development fosters growth by expanding opportunities. Finally, and more tentatively, financial innovation—improvements in the ability of financial systems to ameliorate information and transaction costs—may be necessary for sustaining growth.

Author : Stijn Claessens,Erik Feijen
Publisher : World Bank Publications
Page : 128 pages
File Size : 47,6 Mb
Release : 2007
Category : Social Science
ISBN : 9780821368657

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Financial Sector Development and the Millennium Development Goals by Stijn Claessens,Erik Feijen Pdf

This study investigates the relationship between financial sector development and progress in reaching the Millennium Development Goals (MDGs). It assesses the contribution of countries' financial sector development to achieving the MDGs. The focus is on the relationships between financial development and economic welfare and growth, and the following four MDG-themes: Poverty, Education, Health, and Gender Equality. In doing so, the book reviews the theoretical channels, surveys existing empirical evidence - both cross-country and case study evidence, and provides new evidence. Financial Sector Development and the Millennium Development Goals finds that financial development is an important driver for economic welfare in that it reduces the prevalence of income poverty and undernourishment. In addition, new evidence is provided of a positive association between financial development and health, education, and gender equality.

Author : Anonim
Publisher : World Bank Publications
Page : 28 pages
File Size : 48,8 Mb
Release : 2024-06-02
Category : Electronic
ISBN : 8210379456XXX

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Financial Development and Growth in the Short- and Long-Run by Anonim Pdf

Author : Thorsten Beck,Ross Levine,Norman Loayza
Publisher : Unknown
Page : 0 pages
File Size : 43,8 Mb
Release : 2001
Category : Electronic
ISBN : OCLC:1375974309

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Finance and the Sources of Growth by Thorsten Beck,Ross Levine,Norman Loayza Pdf

This paper evaluates the empirical relationship between the level of financial intermediary development and (i) economic growth, (ii) total factor productivity growth, (iii) physical capital accumulation, and (iv) private saving rates. We use (a) a pure cross-country instrumental variable estimator to extract the exogenous component of financial intermediary development, and (b) a new panel technique that controls for biases associated to simultaneity and unobserved country-specific effects. After controlling for these potential biases, we find that (1) financial intermediaries exert a large, positive impact on total factor productivity growth, which feeds through to overall GDP growth; and (2) the long-run links between financial intermediary development and both physical capital growth and private saving rates are tenuous.

Author : Asli Demirgüç-Kunt,Ross Levine
Publisher : Unknown
Page : 1616 pages
File Size : 40,5 Mb
Release : 2018-07-27
Category : Economic development
ISBN : 1785367420

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Finance and Growth by Asli Demirgüç-Kunt,Ross Levine Pdf

This two-volume collection brings together major contributions to the study of finance and growth. It includes conceptual and empirical papers that use a range of methodologies to discover the connections between financial systems - including financial contracts, markets, and intermediaries - and the functioning of the economy - including economic growth, entrepreneurship, technological innovation, poverty alleviation, the distribution of income, and the structure and volatility of economies. It also discusses contributions to the study of the legal, political, institutional, social capital and policy determinants of financial development. With an original introduction by the editors, this collection is an important resource for students, academics and practitioners.

Author : Thorsten Beck
Publisher : Unknown
Page : 38 pages
File Size : 42,9 Mb
Release : 2016
Category : Electronic
ISBN : OCLC:1290709737

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Finance and the Sources of Growth by Thorsten Beck Pdf

Development of the banking sector exerts a large, causal impact on total factor productivity growth, which in turn causes GDP to grow. Whether banking development has a long-run effect on capital growth or private saving remains to be seen.Beck, Levine, and Loayza evaluate whether the level of development in the banking sector exerts a causal impact on economic growth and its sources- total factor productivity growth, physical capital accumulation, and private saving.They use (1) a pure cross-country instrumental variable estimator to extract the exogenous component of banking development and (2) a new panel technique that controls for country-specific effects and endogeneity. They find that:- Banks do exert a large, causal impact on total factor productivity growth, which feeds through to overall GDP growth.- The long-run links between banking development and both capital growth and private savings are more tenuous.This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to understand the links between the financial system and economic growth.

Author : Niels Hermes,Robert Lensink
Publisher : Routledge
Page : 381 pages
File Size : 54,8 Mb
Release : 2013-04-15
Category : Business & Economics
ISBN : 9781135635442

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Financial Development and Economic Growth by Niels Hermes,Robert Lensink Pdf

This collection brings together a collection of theoretical and empirical findings on aspects of financial development and economic growth in developing countries. The book is divided into two parts: the first identifies and analyses the major theoretical issues using examples from developing countries to illustrate how these work in practice; the second part looks at the implications for financial policy in developing countries.

Author : Dyna Heng,Anna Ivanova,Rodrigo Mariscal,Ms.Uma Ramakrishnan,Joyce Wong
Publisher : International Monetary Fund
Page : 32 pages
File Size : 47,9 Mb
Release : 2016-04-07
Category : Business & Economics
ISBN : 9781484321713

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Advancing Financial Development in Latin America and the Caribbean by Dyna Heng,Anna Ivanova,Rodrigo Mariscal,Ms.Uma Ramakrishnan,Joyce Wong Pdf

This paper examines the state of financial development in the Latin America and Caribbean (LAC) region as well as potential growth and stability implications from further development. The analysis suggests that access to financial institutions has expanded notably in the past decade, and the region compares favorably with other emerging market regions on this dimension. The region, however, continues to lag behind peers on broader financial development, especially with respect to markets, though there is substantial heterogeneity across countries. Financial systems in many LAC countries are also underdeveloped relative to their macroeconomic fundamentals. Further financial development could convey net benefits to the region, provided there is adequate regulatory oversight to prevent excesses.

Author : Mr.Montfort Mlachila,Ahmat Jidoud,Ms.Monique Newiak,Bozena Radzewicz-Bak,Ms.Misa Takebe
Publisher : International Monetary Fund
Page : 79 pages
File Size : 40,8 Mb
Release : 2016-09-14
Category : Business & Economics
ISBN : 9781475532401

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Financial Development in Sub-Saharan Africa by Mr.Montfort Mlachila,Ahmat Jidoud,Ms.Monique Newiak,Bozena Radzewicz-Bak,Ms.Misa Takebe Pdf

This paper discusses how sub-Saharan Africa’s financial sector developed in the past few decades, compared with other regions. Sub-Saharan African countries have made substantial progress in financial development over the past decade, but there is still considerable scope for further development, especially compared with other regions. Indeed, until a decade or so ago, the level of financial development in a large number of sub-Saharan African countries had actually regressed relative to the early 1980s. With the exception of the region’s middle-income countries, both financial market depth and institutional development are lower than in other developing regions. The region has led the world in innovative financial services based on mobile telephony, but there remains scope to increase financial inclusion further. The development of mobile telephone-based systems has helped to incorporate a large share of the population into the financial system, especially in East Africa. Pan-African banks have been a driver for homegrown financial development, but they also bring a number of challenges.