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Growing like China
Song, Zheng Michael; Storesletten, Kjetil; Zilibotti, … - C.E.P.R. Discussion Papers - 2009
This paper constructs a growth model that is consistent with salient features of the Chinese growth experience since 1992: high output growth, sustained returns on capital investments, extensive reallocation within the manufacturing sector, falling labor share and accumulation of a large foreign...
Persistent link: https://www.econbiz.de/10005123794
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Banking and Development
Sussman, Oren; Zeira, Joseph - C.E.P.R. Discussion Papers - 1995
This paper reformulates the well known financial development conjecture (FDC) and supplies some new empirical evidence in its favour. The financial development conjecture, namely, that there exist strong feedback effects between real and financial development, is described in this paper by use...
Persistent link: https://www.econbiz.de/10005498084
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Public Ownership of Banks and Economic Growth - The Role of Heterogeneity
Körner, Tobias; Schnabel, Isabel - C.E.P.R. Discussion Papers - 2010
In an influential paper, La Porta, Lopez-De-Silanes and Shleifer (2002) argued that public ownership of banks is associated with lower GDP growth. We show that this relationship does not hold for all countries, but depends on a country’s financial development and political institutions. Public...
Persistent link: https://www.econbiz.de/10008784712
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Finance, Growth and Fragility: The Role of Government
Beck, Thorsten - C.E.P.R. Discussion Papers - 2013
This paper offers a critical survey of the literature on the role of financial deepening in economic development, focusing on the role of government. Specifically, I distinguish between the policy view that relates financial sector development to an array of necessary policies and institutions,...
Persistent link: https://www.econbiz.de/10011084237
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A Global View of Cross-Border Migration
di Giovanni, Julian; Levchenko, Andrei A.; Ortega, Francesc - C.E.P.R. Discussion Papers - 2014
difference, international trade, remittances, and a heterogeneous workforce. We compare welfare under the observed levels of … flows -- such as Jamaica or El Salvador -- are also better off due to migration, but for a different reason: remittances … about 10% in countries with large incoming remittances. Our results are robust to accounting for imperfect transferability …
Persistent link: https://www.econbiz.de/10011083627
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Learning From Stock Prices and Economic Growth
Peress, Joël - C.E.P.R. Discussion Papers - 2011
A competitive stock market is embedded into a neoclassical growth economy to analyze the interplay between the acquisition of information about firms, its partial revelation through stock prices, capital allocation and income. The stock market allows investors to share their costly private...
Persistent link: https://www.econbiz.de/10009293661
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The Great Divide and Beyond - Financial Architecture in Transition
Berglöf, Erik; Bolton, Patrick - C.E.P.R. Discussion Papers - 2003
A growing and deepening divide has opened up between countries where economic development has “taken off” and those caught in a vicious cycle of institutional backwardness and macroeconomic instability. This “Great Divide” is visible in almost every measure of economic performance, such...
Persistent link: https://www.econbiz.de/10005123951
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Banking Crises, Financial Dependence and Growth
Klingebiel, Daniela; Kroszner, Randall S; Laeven, Luc - C.E.P.R. Discussion Papers - 2006
This paper investigates the growth impact of banking crises on industries with different levels of dependence on external sources of finance to analyze the mechanisms linking financial shocks and real activity. If the banking system is the key element allowing credit constraints to be relaxed,...
Persistent link: https://www.econbiz.de/10005124067
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Financial Development and Growth in Direct Firm-Level Comparisons
Bena, Jan; Jurajda, Stepan - C.E.P.R. Discussion Papers - 2007
The establishment of the EU-15 `single market' in 1993 brought about a high degree of similarity in firms' growth opportunities across countries, while substantial diversity existed in the development of national financial markets. We compare within-industry growth rates of similar...
Persistent link: https://www.econbiz.de/10005067356
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Which Firms Benefit More from Financial Development?
Bena, Jan; Jurajda, Stepan - C.E.P.R. Discussion Papers - 2007
We test whether more developed financial systems are better at tackling asymmetric information proxied by firm age and size. Comparing the growth effect of financial development (FD) across firms of different type, we find that FD disproportionately fosters the growth of young companies, while...
Persistent link: https://www.econbiz.de/10005067499