Financial intermediation and growth: Causality and causes

• 成果类型: Article
• 署名作者: Levine, R; Loayza, N; Beck, T
• 署名单位: University of Minnesota System; University of Minnesota Twin Cities; The World Bank; The World Bank
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(00)00017-9
• 发表日期: 2000
• 页码: 31-77
• 关键词: financial development; Economic growth; legal system

摘要

This paper evaluates (1) whether the exogenous component of financial intermediary development influences economic growth and (2) whether cross-country differences in legal and accounting systems (e.g., creditor rights, contract enforcement, and accounting standards) explain differences in the level of financial development. Using both traditional cross-section, instrumental variable procedures and recent dynamic panel techniques, we find that the exogenous components of financial intermediary development is positively associated with economic growth. Also, the data show that cross-country differences in legal and accounting systems help account for differences in financial development. Together, these findings suggest that legal and accounting reforms that strengthen creditor rights, contract enforcement, and accounting practices can boost financial development and accelerate economic growth. (C) 2000 Published by Elsevier Science B.V. All rights reserved. JEL classification: O16; O40; G28.