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Is the Relationship between Financial Development and Economic Growth Monotonic? Evidence from a Sample of Middle Income Countries
Samargandi, Nahla; Fidrmuc, Jan; Ghosh, Sugata - CESifo - 2014
We revisit the relationship between financial development and economic growth in a panel of 52 middle income countries over the 1980-2008 period, using pooled mean group estimator in a dynamic heterogeneous panel setting. We show that financial development does not have a linear positive...
Persistent link: https://www.econbiz.de/10010757725
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Financial Development and Sectoral Output Growth in 19th Century Germany
Diekmann, Katharina; Westermann, Frank - CESifo - 2010
In this paper we re-evaluate the hypothesis that the development of the financial sector was an essential factor behind economic growth in 19th century Germany. We apply a structural VAR framework to a new annual data set from 1870 to 1912 that was initially recorded by Walther Hoffmann (1965)....
Persistent link: https://www.econbiz.de/10008833900
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Financial Devlopment, Environmental Quality, Trade and Economic Growth: What Causes What in MENA Countries?
Omri, Anis; Daly, Saida; Rault, Christophe; Chaibi, Anissa - CESifo - 2015
This paper examines the relationship between financial development, CO2 emissions, trade and economic growth using simultaneous-equation panel data models for a panel of 12 MENA countries over the period 1990-2011. Our results indicate that there is evidence of bidirectional causality between...
Persistent link: https://www.econbiz.de/10011165503
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Stock Markets, Banks and Long Run Economics Growth: A Panel Cointegration-Based Analysis
Cavenaile, Laurent; Gengenbach, Christian; Palm, Franz - CESifo - 2013
The aim of this paper is to investigate the long run relationship between the development of banks and stock markets … as evidence supporting the significance of financial development for economic development although banks and stock …
Persistent link: https://www.econbiz.de/10010723543
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The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries
Degryse, Hans; Lambert, Thomas; Schwienbacher, Armin - CESifo - 2013
Initially, voting rights were limited to wealthy elites providing political support for stock markets. The franchise expansion induces the median voter to provide political support for banking development as this new electorate has lower financial holdings and benefits less from the uncertainty...
Persistent link: https://www.econbiz.de/10010877814
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Ethnic Fractionalization, Governance and Loan Defaults in Africa
Andrianova, Svetlana; Baltagi, Badi H.; Demetriades, Panicos - CESifo - 2014
African panel data for 111 individual banks in 29 countries over 2000-2008 provides strong evidence for these predictions. Our …
Persistent link: https://www.econbiz.de/10010948811
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Innovation, Trade, and Finance
Egger, Peter; Keuschnigg, Christian - CESifo - 2011
welfare. International welfare spillovers depend on the interaction between terms of trade effects and financial frictions and …
Persistent link: https://www.econbiz.de/10009228619
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Financial Development and Income Inequality: A Panel Data Approach
Jauch, Sebastian; Watzka, Sebastian - CESifo - 2011
We analyze the link between financial development and income inequality for a broad unbalanced dataset of up to 138 developed and developing countries over the years 1960 to 2008. Using credit-to-GDP as a measure of financial development, our results reject theoretical models predicting a...
Persistent link: https://www.econbiz.de/10009391726
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'By a Silken Thread': Regional Banking Integration and Pathways to Financial Development in Japan's Great Recession
Hoffmann, Mathias; Okubo, Toshihiro - CESifo - 2013
lending by nationwide banks and lower GDP growth. We explain these cross-prefectural differences in banking integration by … capital but comprised many small firms that could not borrow directly from larger banks. Instead, silk merchants in Yokohama …, the main export hub for silk, provided silk reelers with trade loans. Many regional banks in Japan were founded as local …
Persistent link: https://www.econbiz.de/10010607005
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Exchange Rate Volatility, Financial Constraints and Trade: Empirical Evidence from Chinese Firms
Héricourt, Jérôme; Poncet, Sandra - CESifo - 2013
This paper studies how firm-level export performance is affected by Real Exchange Rate (RER) volatility and investigates whether this effect depends on existing financial constraints. Our empirical analysis relies on export data for more than 100,000 Chinese exporters over the 2000-2006 period....
Persistent link: https://www.econbiz.de/10010671572