作者：Phelan, C; Trejos, A
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Northwestern University
摘要：Can a one-time, permanent change in the fundamentals behind the sectoral composition of the economy prompt an aggregate downturn? Can this downturn be nonnegligible, even if one uses US data to determine the relative size of gross vs. net job flows, and the importance of job creation costs? Can one consider the military build-down of the 1990s as a plausible cause for the 1990-1991 recession? Do sectoral reallocations generate responses that are qualitatively similar to 'productivity shocks'? ...
作者：Levine, R; Loayza, N; Beck, T
作者单位：University of Minnesota System; University of Minnesota Twin Cities; The World Bank; The World Bank
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...
