Financial Development and Growth in Direct Firm-Level Comparisons
The establishment of the EU-15 'single market' in 1993 brought about a high degree of synchronization of industry shocks, while substantial diversity existed in the development of country-level financial markets. We compare within-industry growth rates of similar 'single-market' firms facing financial systems of different depth and institutional quality as of 1993. Moving from the least to the most developed financial market within the EU- 15 boosts firms' annual value-added growth by about three percentage points. Our results also suggest that the growth gap due to initially under-developed financial systems was closed by 2003.
Year of publication: |
2007-03
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Authors: | Bena, Jan ; Jurajda, Stepan |
Institutions: | Center for Economic Research and Graduate Education and Economics Institute (CERGE-EI) |
Subject: | Financial development | Corporate growth | Access to financial markets |
Saved in:
freely available
Extent: | application/pdf |
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Series: | |
Type of publication: | Book / Working Paper |
Classification: | F36 - Financial Aspects of Economic Integration ; G15 - International Financial Markets ; G21 - Banks; Other Depository Institutions; Mortgages ; O16 - Financial Markets; Saving and Capital Investment ; O52 - Europe |
Source: |
Persistent link: https://www.econbiz.de/10005086638
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