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Does Local Financial Development Matter?

Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - C.E.P.R. Discussion Papers - 2002

We study the effects of differences in local financial development within an integrated financial market. To do so, we construct a new indicator of financial development by estimating a regional effect on the probability that, ceteris paribus, a household is shut off from the credit market. By...

Persistent link: https://www.econbiz.de/10005667081

Ruggedness: The Blessing of Bad Geography in Africa

Nunn, Nathan; Puga, Diego - C.E.P.R. Discussion Papers - 2007

effect on income. However, in Africa rugged terrain afforded protection to those being raided by slave traders. Since the … slave trade retarded subsequent economic development, in Africa ruggedness also has had a historical indirect positive … Africa the indirect positive effect dominates the direct negative effect. Looking within Africa, we provide evidence that the …

Persistent link: https://www.econbiz.de/10005136410

Undernutrition and Psychosocial Competencies: Evidence from Four Countries

Dercon, Stefan; Sánchez, Alan - C.E.P.R. Discussion Papers - 2012

found is unlikely to be mediated by the effect that undernutrition can have on academic performance. …

Persistent link: https://www.econbiz.de/10011083662

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

Financial Development and the Patterns of International Capital Flows

von Hagen, Jürgen; Zhang, Haiping - C.E.P.R. Discussion Papers - 2010

We develop a tractable, two-country, overlapping-generations model and show that cross-country differences in financial development can explain three recent empirical patterns of international capital flows: Financial capital flows from relatively poor to relatively rich countries while foreign...

Persistent link: https://www.econbiz.de/10008468552

Whence Policy? Government Policies, Finance, and Economic Integration

Bertola, Giuseppe; Lo Prete, Anna - C.E.P.R. Discussion Papers - 2010

Economic integration may directly increase the need for private funding of consumption and investment, and should make it difficult for national governments to repress financial markets and to enforce redistribution policies that substitute private contractual arrangements. We analyze the...

Persistent link: https://www.econbiz.de/10008468654

Exchange Rate Volatility and Productivity Growth: The Role of Financial Development

Aghion, Philippe; Bacchetta, Philippe; Rancière, Romain; … - C.E.P.R. Discussion Papers - 2006

This paper offers empirical evidence that real exchange rate volatility can have a significant impact on long-term rate of productivity growth, but the effect depends critically on a country's level of financial development. For countries with relatively low levels of financial development,...

Persistent link: https://www.econbiz.de/10005123616

Volatility, Financial Development and the Natural Resource Curse

Poelhekke, Steven; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2007

Cross-country evidence is presented on resource dependence and the link between volatility and growth. First, growth depends negatively on volatility of unanticipated output growth independent of initial income per capita, the average investment share, initial human capital, trade openness, the...

Persistent link: https://www.econbiz.de/10005123919

Private Benefits of Control: An International Comparison

Dyck, Alexander; Zingales, Luigi - C.E.P.R. Discussion Papers - 2002

Based on 412 control transactions between 1990 and 2000 we construct a measure of the private benefits of control in 39 countries. We find that the value of control ranges between –4% and +65%, with an average of 14%. As predicted by theory, in countries where private benefits of control are...

Persistent link: https://www.econbiz.de/10005123949

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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