Die vorliegende Arbeit untersucht zum ersten Mal sowohl die Beziehung der Nettoemissionsvolumina der aggregierten Anleihen als auch der einzelnen Anleihensektoren separat zum Wirtschaftswachstum. Des Weiteren werden erstmals Quartalsdaten verwendet. Granger-Kausalitäten werden für Zeitreihen...

This paper examines the relationship between the development of the aggregate bond markets and real GDP in 13 highly developed economies. The recent interest in the ties between the real and the financial sector has usually been on the banking sector and the stock markets, rather ignoring the...

Using data for 30 Chinese provinces over the period 1989-2003, this study examines the relationship between finance, and real GDP, capital, and total factor productivity growth. We find that traditionally used indicators of financial development and China-specific indicators measuring the level...

This paper presents empirical support for the existence of wealth effects in the contribution of financial intermediation to economic growth, and offers a theoretical explanation for these effects. Using GMM dynamic panel data techniques applied to study the growth-promoting effects of financial...

It is widely believed that economic growth is good for stockholders. However, the cross-country correlation of real stock returns and per capita GDP growth over 1900-2002 is negative. Economic growth occurs from high personal savings rates and increased labor force participation, and from...

Economic theory suggests that sound and efficient financial systems channel capitals to its most productive uses are beneficial for economic growth. Sound and efficient financial systems are especially important for sustaining growth in developing countries. This paper examines the impact of...

This paper contributes to the empirical literature on the non-trivial relationship between financial development and economic growth. Based on panel data from 98 developed and developing countries, we show that for smooth economic development, balanced growth of both the industrial and financial...

The law of association as exposed by David Ricardo and generalized by Ludwig von Mises cannot directly grasp what is at stake in exchanges involving specialization in uncertainty bearing. In this article we explain why the entrepreneurial function as conceptualized by Frank Knight and Mises does...

Our legacy financial infrastructure has both limited growth opportunities and contributed to the inequality of opportunities. Around the world, 1.7 billion are unbanked. Small businesses, even those with a banking relationship, often must rely on high-cost financing, such as credit cards,...

This paper explains adverse international capital flows and economic growth using a model with asymmetric information in the capital market. The capital markets in developing countries are found to suffer more severely from asymmetric information than those in developed ones, which results in a...