Finance and the Sources of Growth at Various Stages of Economic Development

@inproceedings{Rioja2003FinanceAT,
  title={Finance and the Sources of Growth at Various Stages of Economic Development},
  author={Felix Rioja and Neven Valev and Andrew Young},
  year={2003}
}
This paper studies the effects of financial development on the sources of growth in different groups of countries. Recent theoretical work shows that financial development may affect productivity and capital accumulation in different ways in industrial versus developing countries. This hypothesis is tested with panel data from 74 countries using GMM dynamic panel techniques. Results are consistent with the hypothesis: finance has a strong positive influence on productivity growth primarily in… CONTINUE READING
Highly Cited
This paper has 51 citations. REVIEW CITATIONS

Citations

Publications citing this paper.

References

Publications referenced by this paper.
Showing 1-10 of 27 references

Financial Policies and the Aggregate Productivity of the Capital Stock: Evidence from Developed and Developing Countries,

  • P. Arestis, P. Demetriades, B. Fattouh
  • Eastern Economic Journal,
  • 2002
1 Excerpt

Industry Growth and Capital Allocation: Does Having a Market- or Bank-Based System Matter

  • Beck, Thorsten, Ross Levine
  • Journal of Financial Economics,
  • 2002
1 Excerpt

Short-Run Costs of Financial Market Development in Industrialized Economies,

  • Lindh, Thomas
  • Eastern Economic Journal,
  • 2000

A Quantitative Reassessment of the FinanceGrowth Nexus: Evidence From a Multivariate VAR,

  • Luintel, Kul, Mosahid Khan
  • Journal of Development Economics,
  • 1999

Development and Economic Growth: Assessing the Evidence

  • Arestis, P. Demetriades, Financial
  • The Economic Journal,
  • 1997

Similar Papers

Loading similar papers…