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Author : Inessa Love
Publisher :
ISBN 13 :
Total Pages : 294 pages
Book Rating : 4.:/5 (495 download)
Download or read book Essays on Financial Development and Financing Constraints written by Inessa Love and published by . This book was released on 2001 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Inessa Love
Publisher :
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4.:/5 (129 download)
Download or read book Financial Development and Financing Constraints written by Inessa Love and published by . This book was released on 2004 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Microeconomic evidence from 40 countries shows that financial development aids growth by reducing financing constraints that would otherwise restrict efficient firm investment.The relationship between the financial and real sides of the economy has long been a topic of intense interest and debate. Love provides microeconomic evidence that financial development aids growth by reducing financing constraints that would otherwise restrict efficient firm investment.The author estimates a structural model based on the Euler equation for investment using firm-level data from 40 countries. The results show a strong negative relationship between the extent of financial market development and the sensitivity of investment to the availability of internal funds (a proxy for financing constraints).Considering size effects, business cycles, and the legal environment as plausible alternative explanations, the author finds the results to be robust in all cases.This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to study the determinants of access to finance. The author may be contacted at [email protected].
Author : Vojislav Maksimovi?, Asl? Demirgüç-Kunt
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4./5 ( download)
Download or read book Financial Constraints, Uses of Funds and Firm Growth: and International Comparison written by Vojislav Maksimovi?, Asl? Demirgüç-Kunt and published by World Bank Publications. This book was released on 1999 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: October 1996 The findings suggest that across very different financial systems, financial markets and intermediaries have a comparative advantage in funding short-term investment. An active, though not necessarily large, stock market and high scores on an index of respect for legal norms are associated with faster than predicted rates of firm growth. Government subsidies to industry do not increase the proportion of firms growing faster than predicted. Demirgüç-Kunt and Maksimovic focus on two issues. First, they examine whether firms in different countries finance long-term and short-term investment similarly. Second, they investigate whether differences in financial systems and legal institutions across countries are reflected in the ability of firms to grow faster than they might have by relying on their internal resources or short-term borrowing. Across their sample, they find: * Positive correlations between investment in plant and equipment and retained earnings. * Negative correlations between investment in plant and equipment and external financing. * Negative correlations between investment in short-term assets and retained earnings. * Positive correlations between investment in short-term assets and external financing. These findings suggest that across very different financial systems, financial markets and intermediaries have a comparative advantage in funding short-term investment. For each firm in their sample, they estimate a predicted rate at which it can grow if it does not rely on long-term external financing. They show that the proportion of firms that grow faster than the predicted rate in each country is associated with specific features of the legal system, financial markets, and institutions. An active, though not necessarily large, stock market and high scores on an index of respect for legal norms are associated with faster than predicted rates of firm growth. They present evidence that the law-and-order index measures the ability of creditors and debtors to enter into long-term contracts. Government subsidies to industry do not increase the proportion of firms growing faster than predicted. This paper - a product of the Finance and Private Sector Development Division, Policy Research Department - is part of a larger effort in the department to understand the impact of financial constraints on firm growth.
Author : Frode Johansen
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (341 download)
Download or read book Essays on Investment and Financing Constraints written by Frode Johansen and published by . This book was released on 1995 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Byungyoon Lee
Publisher :
ISBN 13 :
Total Pages : 152 pages
Book Rating : 4.:/5 (89 download)
Download or read book Essays on Financial Development and Economic Growth written by Byungyoon Lee and published by . This book was released on 2000 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Arshad Ali Bhatti
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (824 download)
Download or read book Essays on Financial Development, Inequality and Economic Growth written by Arshad Ali Bhatti and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis explores two important aspects of growth, namely the roles of financial development and inequality. The recent literature has indicated that both the finance-growth and inequality-growth relationships are complex and not well captured through conventional linear regression analyses. Thus, most of the existing empirical literature focuses on marginal or direct growth effects, ignoring the role of possible factors, conditions and thresholds that may alter our thinking about how financial development or inequality may affect economic growth. Further, it ignores the presence of outliers, especially in cross-sectional analyses which may hinder our understanding of these relationships. Therefore, Chapter 1 addresses the issue of outliers in finance-growth literature and provides a robust sensitivity analysis of some past studies and an updated data set. Chapter 2 focuses on whether R&D plays a role, potentially as a proxy for an omitted variable, for growth and whether it has important interactions with financial development. Chapter 3 then examines the role of inequality for growth, allowing the effects to differ depending on the level of human versus physical capital accumulation. The cross-sectional analysis of Chapter 1 employs the robust regression methods of median quantile regression and least trimmed squares. It shows that the findings of past studies are sensitive to outlier observations. Further, we find that the positive effect of financial development on growth disappears and even becomes negative once we use our extended data set of 86 countries over the period 1997-2006. This last finding is consistent with Rousseau and Wachtel (2011). Moreover, we investigate whether our understanding of the finance-growth relationship can further be improved by introducing a measure of R&D into the standard analysis. We note that our measure of R&D has a strong positive effect on growth and may proxy the role of an omitted variable which is highly correlated with economic growth. Chapter 2 also uses R&D and investigates its interaction with conventionally measured financial development. It employs a variety of panel data techniques for a panel of 36 OECD and non-OECD countries to show that the relationship between financial development and economic growth is not straightforward; rather, it is conditional upon the level of innovation or R&D. Further, we find that a high level of technological innovation or R&D is associated with a weak or negative effect of financial development on economic growth. It is also noted that R&D is associated with financial innovation and the results suggest that countries with a high level of R&D may have less regulated financial systems which can adversely affect the finance-growth relationship. The third chapter explores the relationship between inequality and growth in the context of a unified empirical approach suggested by the theoretical model of Galor and Moav (2004). Based on that model, we construct a new measure, the human capital to physical capital ratio, which is used to study threshold effects in the inequality-growth relationship. Methodologically, we use threshold regression with instruments, developed by Caner and Hansen (2004), which allows us to endogenously identify the threshold human capital to physical capital ratio that alters the inequality-growth relationship. Using data on 82 countries, our results show that there exist significant threshold effects, with a level of the human capital to physical capital ratio below which the effect of inequality on growth is positive and significant, whereas it is negative and significant above it. We also test the robustness of our results using different measures of the human capital to physical capital ratio. These results are consistent with the theoretical predictions of Galor and Moav (2004).
Author : Viktor Khanzhyn
Publisher :
ISBN 13 : 9781267538321
Total Pages : 105 pages
Book Rating : 4.5/5 (383 download)
Download or read book Three Essays on the Role of Financial Development written by Viktor Khanzhyn and published by . This book was released on 2012 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this dissertation I revisit three aspects of the role financial development plays in the development of the real economy. In Chapter 2 I present estimation of the marginal effect of a widely agreed upon episode of financial development - U.S. banking deregulation in the 1980s - on the components of growth accounting identity for the U.S. manufacturing sector. Significantly positive effects were found on the growth rate of capital and labor inputs, and no significant effect was found for TFP change. The evidence provides support for the finance-growth nexus hypothesis. In Chapter 3 I test the hypothesis that abundant credit conditions can provide disincentives for non-financial firms to increase efficiency. Difference-in-differences method was applied to test for the change in average productive efficiency of U.S. manufacturing bank credit-dependent firms during four episodes of change in the credit. Significant increase was found during the large credit crunch of 1987 - 1992, and a significant drop in efficiency was found during expansion thereafter, which provides support for the Schumpeterian "creative destruction" and Hicksian "quiet life" hypotheses. Chapter 4 presents a study of relationship between private credit and sustainability for a crossection of 119 countries. I investigated the effect on three major sustainability indexes and their components: ESI, EPI, and Ecological Footprint. I found that countries with higher credit to GDP ratios (after controlling for GDP levels and growth rates) only perform better in spheres where regulation is in place (e.g. air pollution restrictions), and perform worse in areas with more long-term negative consequences: non-renewable resource management, biodiversity, deforestation, etc. The findings show that complex indexes tend to mask those negative effects.
Author : Ross Levine
Publisher :
ISBN 13 :
Total Pages : 130 pages
Book Rating : 4.:/5 (318 download)
Download or read book Finance and Growth written by Ross Levine and published by . This book was released on 2004 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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
Author : Amer Bisat
Publisher :
ISBN 13 :
Total Pages : 256 pages
Book Rating : 4.3/5 ( download)
Download or read book Essays on the Theory of Financial Development and Informal Finance written by Amer Bisat and published by . This book was released on 1992 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Meghana Ayyagari
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (16 download)
Download or read book How Important Are Financing Constraints? The Role of Finance in the Business Environment written by Meghana Ayyagari and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Linh Bun
Publisher :
ISBN 13 : 9780355864908
Total Pages : 194 pages
Book Rating : 4.8/5 (649 download)
Download or read book Essays in Financial Development and Economic Growth written by Linh Bun and published by . This book was released on 2018 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 1 (Part I): Financial Development and Growth: Multi-dimensional View analyze the effects of "financial development" on economic growth using a multi-dimensional view. Existing literature uses a single dimension, financial depth, as measure of financial development. Our approach is to consider a multi-dimensional view of financial development and to take in to account other dimensions of financial development. We categorize financial development (financial institutions and markets) along three dimension: financial depth, access and efficiency. We find that for the country sample analyzed, financial institutions depth and efficiency are compliment.
Author : Pilhyun Kim
Publisher :
ISBN 13 :
Total Pages : 125 pages
Book Rating : 4.:/5 (71 download)
Download or read book Three Essays on Financial Development and Economic Growth written by Pilhyun Kim and published by . This book was released on 2006 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The primary part of my dissertation investigates the potential effects of financial sector development on economic growth. In order to reveal the nature of these effects, I focus on the potential channels of influence from the financial to the real sector. I investigate the link between the financial sector and economic growth focusing on the role of the financial sector in funding innovative activities. To this aim, I construct a model where the economy is driven by innovative activities that require both human capital and external funding. My analysis shows that when certain conditions are satisfied, there exists a unique equilibrium where the growth rate of the economy is jointly determined by the levels of human capital and financial development. An implication of this is that financial liberalization policies that do not adequately address the fundamentals of the economy can cause bank failures and possibly a financial crisis. Furthermore, the model suggests that, depending on the parameter values of the economy, there may be two forms of poverty traps, one with a small number of bankers and the other with a large number of bankers. Also, I examine empirically whether financial development has any effect on the rate of technological innovation using patent applications as a proxy for innovative output. For a sample of twenty eight countries from 1970 to 2000, my analysis shows that financial development is indeed significant in raising the growth rate of innovative output. In addition, I investigate whether financial development enhances investment efficiency. The efficiency channel hypothesis states that financial development may increase the efficiency of investment by directing the funds to the most productive uses. I examine if there is any evidence of financial development positively affecting the efficiency of aggregate investment using developing countries as a sample. Compared to the volume channel, the efficiency channel has received relatively little attention until recently. I address the issue of the efficiency channel using two alternative measures of aggregate investment efficiency. I find that, for developing countries, financial development significantly and positively affects productivity of investment.
Author : Francis Osei-Tutu
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (128 download)
Download or read book Essays on Banking and Institutions written by Francis Osei-Tutu and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation examines the link between institutions and banking. It contributes to a better understanding of how formal and informal institutions shape bank behavior. The first chapter studies the impact of language future tense marking on bank risk taking. Languages that grammatically mark the future lead banks to take higher risk. Chapter two studies how gender marking in language affects financial inclusion. The presence of gender marking in language explains the gender gap in the probability of owning a formal account, having access to a formal credit, as well as having savings in a formal financial institution. Chapter three explores the influence of democratic development on access to credit for firms. Democracy contributes to alleviate firms' financing constraints. The fourth chapter examines the consequences of corruption on bank efficiency. Banks operating in countries with high corruption are less efficient. Chapter five explores the effect of bank efficiency on firms' access to credit. Greater bank efficiency improves access to credit for firms. Overall, this dissertation highlights the important role of institutions for financial development.
Author : Joaquin Blaum
Publisher :
ISBN 13 :
Total Pages : 128 pages
Book Rating : 4.:/5 (86 download)
Download or read book Essays on Financial Markets, Inequality and Economic Development written by Joaquin Blaum and published by . This book was released on 2012 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Chapter 1, I study the effects of wealth inequality on economies where financial markets are imperfect. I exploit the idea that inequality should have a different effect across sectors. Using a difference-in-difference strategy, I show that sectors that are more in need of external finance are relatively smaller in countries with higher income inequality. I then build a model in which sectors differ in their fixed cost requirement, agents face collateral constraints, and production is subject to decreasing returns. A calibrated version of the model is consistent with the documented facts on inequality and cross-sector outcomes. At the calibrated parameters, wealth inequality exacerbates the effect of financial frictions on the economy. Quantitatively, wealth inequality can generate losses of up to 46 percent of per capita income. In Chapter 2, co-authored with Claire Lelarge and Michael Peters, we explore the ingredients that a model of import behavior should have in order to be consistent with the firm level evidence. We build a model where firms are heterogeneous in their factor neutral productivity, and prices, fixed costs and input qualities are common across firms. Using a comprehensive dataset of French firms, we test the qualitative predictions of such model. The model fares well in describing firm's expenditure across imported varieties, but fails to account for the pattern of expenditure between domestic and foreign inputs. We conclude that a mechanism inducing firm-level heterogeneity in the relative price of domestic varieties is needed to model import demand. In Chapter 3, I study the effects of financial frictions on the pattern of cross-industry growth rates. I document two facts: (i) externally dependent sectors tend to grow faster along the economy's development path, and (ii) externally dependent sectors grow disproportionately faster in countries with better financial institutions. I argue that financial frictions can account for these facts. I build a dynamic two-sector model in which sectors differ in their liquidity requirement and agents face collateral constraints. Financial frictions generate faster growth in the sector with higher liquidity requirement. I identify conditions under which financial development leads to higher excess growth in the externally dependent sector.
Author : Thorsten Beck
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4./5 ( download)
Download or read book Finance, Inequality, and Poverty written by Thorsten Beck and published by World Bank Publications. This book was released on 2004 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: "While substantial research finds that financial development boosts overall economic growth, we study whether financial development disproportionately raises the incomes of the poor and alleviates poverty. Using a broad cross-country sample, we distinguish among competing theoretical predictions about the impact of financial development on changes in income distribution and poverty alleviation. We find that financial development reduces income inequality by disproportionately boosting the incomes of the poor. Countries with better-developed financial intermediaries experience faster declines in measures of both poverty and income inequality. These results are robust to controlling for other country characteristics and potential reverse causality"--National Bureau of Economic Research web site.
Author : Asli Demirguc-Kunt
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 82 pages
Book Rating : 4./5 ( download)
Download or read book Finance, Financial Sector Policies, and Long-run Growth written by Asli Demirguc-Kunt and published by World Bank Publications. This book was released on 2008 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The first part of this paper reviews the literature on the relation between finance and growth. The second part of the paper reviews the literature on the historical and policy determinants of financial development. Governments play a central role in shaping the operation of financial systems and the degree to which large segments of the financial system have access to financial services. The paper discusses the relationship between financial sector policies and economic development.
Author : Senanu Y. Asamoah
Publisher :
ISBN 13 :
Total Pages : 330 pages
Book Rating : 4.:/5 (545 download)
Download or read book Essays on Institutional Development, Financial Development, and Economic Growth written by Senanu Y. Asamoah and published by . This book was released on 2003 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt:
