Finance and the sources of growth

• 成果类型: Article
• 署名作者: Beck, T; Levine, R; Loayza, N
• 署名单位: The World Bank; University of Minnesota System; University of Minnesota Twin Cities
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(00)00072-6
• 发表日期: 2000
• 页码: 261-300
• 关键词: financial development; Economic growth; capital accumulation; productivity growth; Saving

摘要

This paper evaluates the empirical relation between the level of financial intermediary development and (i) economic growth, (ii) total Factor productivity growth, (iii) physical capital accumulation, and (iv) private savings 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 with simultaneity and unobserved country-specific effects. After controlling for these potential biases, we End 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 savings rates are tenuous. (C) 2000 Elsevier Science S.A. All rights reserved. JEL classification: G21; O16; O40.