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Quest For The General Effect Size Of Finance On Growth
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Book Synopsis Quest for the General Effect Size of Finance on Growth by : Ichirō Iwasaki
Download or read book Quest for the General Effect Size of Finance on Growth written by Ichirō Iwasaki and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze diverse and heterogenous literature to grasp the general effect size of financial development on economic growth on a world scale. For that, we perform by far the largest available meta-analysis of the finance-growth nexus using 3561 estimates collected from 177 studies. Our meta-synthesis results show that large heterogeneity in empirical evidence is, in fact, driven by only a limited number of variables (moderators). By using advanced techniques, we also document the existence of the publication selection bias that is propagated in the literature in a nonlinear fashion. We account for uncertainty in moderator selection by employing model-averaging techniques. After adjusting for the publication bias, the results of our meta-regression provide evidence of a small but genuine positive effect of the financial development on growth that very mildly declines over time. Finance channeled via capital markets seems to be more beneficial for economic growth than that provided in the form of private credit. Our evidence goes against arguments about the damaging role of financial development and is in line with century-old theoretical foundations that favor the positive role of finance on economic growth.
Book Synopsis Finance, Firm Size, and Growth by : Thorsten Beck
Download or read book Finance, Firm Size, and Growth written by Thorsten Beck and published by World Bank Publications. This book was released on 2005 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The authors examine whether financial development boosts the growth of small firms more than large firms and hence provides information on the mechanisms through which financial development fosters aggregate economic growth. They define an industry's technological firm size as the firm size implied by industrial specific production technologies, including capital intensities and scale economies. Using cross-industry, cross-country data, the results indicate that financial development exerts a disproportionately large effect on the growth of industries that are technologically more dependent on small firms. This suggests that financial development accelerates economic growth by removing growth constraints on small firms and also implies that financial development has sectoral as well as aggregate growth ramifications. This paper--a product of the Finance Group, Development Research Group--is part of a larger effort in the group to understand the growth finance link"--World Bank web site.
Book Synopsis the econometrics of finance and growth by : Thorsten Beck
Download or read book the econometrics of finance and growth written by Thorsten Beck and published by World Bank Publications. This book was released on 2008 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper reviews different econometric methodologies to assess the relationship between financial development and growth. It illustrates the identification problem, which is at the center of the finance and growth literature, using the example of a simple Ordinary Least Squares estimation. It discusses cross-sectional and panel instrumental variable approaches to overcome the identification problem. It presents the time-series approach, which focuses on the forecast capacity of financial development for future growth rates, and differences-in-differences techniques that try to overcome the identification problem by assessing the differential effect of financial sector development across states with different policies or across industries with different needs for external finance. Finally, it discusses firm-level and household approaches that allow analysts to dig deeper into the channels and mechanisms through which financial development enhances growth and welfare, but pose their own methodological challenges.
Book Synopsis The Political Economy Of Development Finance by : Anders Danielson
Download or read book The Political Economy Of Development Finance written by Anders Danielson and published by Routledge. This book was released on 2019-06-26 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book identifies an explanation of why the Jamaican Democratic Socialist experiment under Michael Manley in the 1970s appeared to have failed. It provides an analysis of income, revenue and public finances in Jamaica.
Book Synopsis Palgrave Handbook of Econometrics by : Terence C. Mills
Download or read book Palgrave Handbook of Econometrics written by Terence C. Mills and published by Palgrave Handbook of Econometr. This book was released on 2009-06-25 with total page 1432 pages. Available in PDF, EPUB and Kindle. Book excerpt: Palgrave Handbooks of Econometrics comprises 'landmark' essays by the world's leading scholars and provides authoritative guidance in key areas of econometrics. With definitive contributions on the subject, the Handbook is an essential source for reference for professional econometricians, economists, researchers and students. Following the successful Palgrave Handbook of Econometrics: Volume 1, this second volume brings together leading academics working in econometrics today and explores applied econometrics. Volume 2 contains contributions on subjects including growth/development econometrics, computing, microeconomics, macroeconomics, finance, spatial and urban economics and international economics.
Book Synopsis The Finance-growth Relationship and Interaction Effects Between Financial System Components by : Yen Ngoc Nguyen
Download or read book The Finance-growth Relationship and Interaction Effects Between Financial System Components written by Yen Ngoc Nguyen and published by . This book was released on 2015 with total page 550 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis examines the finance-growth nexus from a number of aspects. First, it investigates the relationship of the financial system and economic growth, where the financial system is represented by its four main components: banking, stock markets, bond markets and insurance. Second, the thesis examines whether a country's stage of economic development affects this finance-growth relationship. Third, the inter-relationships between these four financial system components are studied. It utilises a dynamic panel of 90 countries from different economic development levels over the period of 1980-2011. The key regressions are run using the GMM (generalized-method-of-moments) system estimator developed by Arellano and Bond (1991), Arellano and Bover (1995), and Blundell and Bond (1998) to address endogeneity among variables. Regarding the finance-growth relationship, the empirical results suggest that the banking component has a negative relationship with economic growth (possibly with a non-linear relationship). Stock markets hold a positive relationship, but both bond markets and insurance have a mixed relationship with economic growth. When dividing the countries into two groups (developing versus developed countries), the stage of economic development of the country is found to have a significant impact on the finance-growth relationship. This financial components' impact on economic growth tends to be stronger in developed countries. This is evident throughout all four financial components. The inter-relationships testing between components generate some interesting results. First, banking and stock markets have a two-way substitute relation. Second, banking and bond markets, banking and insurance, and stock markets and insurance all have a two-way complementary relation. Third, stock markets and bond markets hold a substitute relation but only after considering the impact of private bond markets. Fourth, the insurance and bond markets relation is not two-way: bond markets have a negative impact on insurance growth while insurance positively affects bond markets development.This thesis offers several contributions to the financial development - economic growth literature in respect to its approach to measuring the financial sector more completely and then confirming this relationship; its investigation of the impact that a country's stage of economic development have on this relationship; and an examination of the interrelations between the financial sector's four key components. It also makes improvements on the prior work through the use of multiple econometric methodologies, different data settings, and alternative indicators for variables.The findings have several implications for government policy makers. The mixed 'positive' finance-growth relationship finding could help policy makers allocate more resources towards developing the 'right' sector: e.g. stock markets rather than banking. The lower impacts of finance on growth in developing countries compared to developed countries highlight problems that lower-income countries face in developing their financial systems to generate greater economic growth. An understanding of these substitute and complement relationships can help policy makers put more effort in developing insurance (which supports all three other financial components) and exercise caution with their policies on substitute financial components: banking and stock markets, stock markets and bond markets.
Book Synopsis Social, Economic, and Environmental Impacts Between Sustainable Financial Systems and Financial Markets by : Ziolo, Magdalena
Download or read book Social, Economic, and Environmental Impacts Between Sustainable Financial Systems and Financial Markets written by Ziolo, Magdalena and published by IGI Global. This book was released on 2019-10-25 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sustainable development is necessary to counteract and mitigate the impact of socially harmful forces in a globalized world. However, sustainable development and its organizations must ensure the effective management of their funds and beneficial financial frameworks in order to best realize their sustainable goals. There is a need for studies that seek to understand how to connect sustainable development and the financial world in order to maximize the economic and environmental wellbeing of the world. Social, Economic, and Environmental Impacts Between Sustainable Financial Systems and Financial Markets is a pivotal reference source that examines the funding and monetary utilization of environmental and socially-responsible entities. Featuring research on topics such as green taxes, intergenerational equity, and shadow economy, this book is ideally designed for government officials, policymakers, economists, financial managers, sustainability developers, and academicians seeking current research on the relationship between new sustainable financial phenomena and negative global externalities.
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
Book Synopsis Financial Structure and Economic Growth by : Aslı Demirgüç-Kunt
Download or read book Financial Structure and Economic Growth written by Aslı Demirgüç-Kunt and published by MIT Press. This book was released on 2001 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: CD-ROM contains: World Bank data.
Book Synopsis Unlocking Credit by : Inter-American Development Bank
Download or read book Unlocking Credit written by Inter-American Development Bank and published by IDB. This book was released on 2004 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation Bank loans are the main source of credit for businesses across Latin America, so understanding what determines the depth, cost, and volatility of bank credit is crucial to designing strategies that ensure financial stability and promote growth. This new edition of Economic and Social Progress in Latin America provides a comprehensive analysis of the region's all-important banking industry. The book examines two-way interactions between macroeconomic policies and financial intermediation -- not only how these policies affect banking but how banks weather intermediate shocks, and how industry incentives can prompt bank portfolio choices that influence economic policy. The report also discusses how elements of a financial safety net -- including deposit insurance, prudential regulation, protection of creditor rights, and legal and judicial enforcement -- can mitigate factors that make credit more volatile and constrain its expansion. Finally, the report studies how the banking industry's market structure affects its performance. Particular attention is given to the role of government- versus foreign-owned banks, access to credit by small and medium-sized enterprises, and the development of mortgage credit markets.
Book Synopsis stock market development and long run growth by : Ross Levine
Download or read book stock market development and long run growth written by Ross Levine and published by World Bank Publications. This book was released on 1996 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Essential Guide to Effect Sizes by : Paul D. Ellis
Download or read book The Essential Guide to Effect Sizes written by Paul D. Ellis and published by Cambridge University Press. This book was released on 2010-07 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: A jargon-free introduction for students and researchers looking to interpret the practical significance of their results.
Book Synopsis The Influence and Effects of Financial Development on Economic Growth by : Susanne Rislå Andersen
Download or read book The Influence and Effects of Financial Development on Economic Growth written by Susanne Rislå Andersen and published by . This book was released on 2003 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the empirical relationship between financial development and economic growth. The employed data set includes a representative selection of 60 countries over the period 1965-1997. To test the empirical relationship between finance and growth, I have used OLS regressions and three indicators of financial sector development. These indicators measure the financial sector by size (liquid liabilities) and activity (credit provided to the private sector and credit by banks). In accordance to earlier research, the financial sector plays an important part in economic growth as it can reduce the cost of acquiring information, conducting transactions and facilitating savings mobilisation. By providing these services, the financial sector can enhance resource allocation and increase aggregate savings. The study identifies three sets of findings. First, I run regressions by using financial indicators averaged over the period 1965-1997, and I find a positive statistical relationship between financial development and economic growth. The second finding is based on regressions with financial indicators measured in the initial year 1965. These regressions support the first findings, in addition to testing for the long-run effects and checking for causality. While the two first findings are in accordance with earlier studies, the third finding adds to previous research by controlling for the level of economic development. In the last regressions, the sample has been separated into different income groups, interacting with the three financial variables. Financial sector development seems to have at least the same importance in developing countries as in industrialised countries, especially concerning increased credit allocated to the private sector. Credit provided to the private sector seems to follow a path with increased influence associated with a decreased income level, and seems to be important for convergence and a country's economic growth.
Book Synopsis Special Study on Economic Change: Federal finance: the pursuit of American goals by :
Download or read book Special Study on Economic Change: Federal finance: the pursuit of American goals written by and published by . This book was released on 1980 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Statistical Power Analysis for the Behavioral Sciences by : Jacob Cohen
Download or read book Statistical Power Analysis for the Behavioral Sciences written by Jacob Cohen and published by Routledge. This book was released on 2013-05-13 with total page 625 pages. Available in PDF, EPUB and Kindle. Book excerpt: Statistical Power Analysis is a nontechnical guide to power analysis in research planning that provides users of applied statistics with the tools they need for more effective analysis. The Second Edition includes: * a chapter covering power analysis in set correlation and multivariate methods; * a chapter considering effect size, psychometric reliability, and the efficacy of "qualifying" dependent variables and; * expanded power and sample size tables for multiple regression/correlation.
Book Synopsis Special Study on Economic Change: Federal finance : the pursuit of American goals ... December 23, 1980 by :
Download or read book Special Study on Economic Change: Federal finance : the pursuit of American goals ... December 23, 1980 written by and published by . This book was released on 1980 with total page 482 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Effects of Financial Globalization on Developing Countries by : Mr.Ayhan Kose
Download or read book Effects of Financial Globalization on Developing Countries written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2003-09-03 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study provides a candid, systematic, and critical review of recent evidence on this complex subject. Based on a review of the literature and some new empirical evidence, it finds that (1) in spite of an apparently strong theoretical presumption, it is difficult to detect a strong and robust causal relationship between financial integration and economic growth; (2) contrary to theoretical predictions, financial integration appears to be associated with increases in consumption volatility (both in absolute terms and relative to income volatility) in many developing countries; and (3) there appear to be threshold effects in both of these relationships, which may be related to absorptive capacity. Some recent evidence suggests that sound macroeconomic frameworks and, in particular, good governance are both quantitatively and qualitatively important in affecting developing countries’ experiences with financial globalization.
