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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

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

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

Can General Purpose Technology Theory Explain Economic Growth? Electrical Power as a Case Study

Ristuccia, Cristiano Andrea; Solomou, Solomos - CESifo - 2014

Does the concept of General Purpose Technologies help explain periods of faster and slower productivity advance in …, Britain, France, Germany and Japan and proceeds to evaluate the hypothesis of a productivity bonus as postulated by many … there was no generalized productivity boost from electrical power diffusion as postulated by many existing GPT models. The …

Persistent link: https://www.econbiz.de/10010748306

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

Ethnic Fractionalization, Governance and Loan Defaults in Africa

Andrianova, Svetlana; Baltagi, Badi H.; Demetriades, Panicos - CESifo - 2014

We present a theoretical model of moral hazard and adverse selection in an imperfectly competitive loans market that is suitable for application to Africa. The model allows for variation in both the level of contract enforcement (depending on the quality of governance) and the degree of market...

Persistent link: https://www.econbiz.de/10010948811

Innovation, Trade, and Finance

Egger, Peter; Keuschnigg, Christian - CESifo - 2011

This paper proposes a model where heterogeneous firms choose whether to undertake R&D or not. Innovative firms are more productive, have larger investment opportunities and lower own funds for necessary tangible continuation investments than non-innovating firms. As a result, they are...

Persistent link: https://www.econbiz.de/10009228619

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

'By a Silken Thread': Regional Banking Integration and Pathways to Financial Development in Japan's Great Recession

Hoffmann, Mathias; Okubo, Toshihiro - CESifo - 2013

How do financial development and financial integration interact? We focus on Japan’s Great Recession after 1990 to study this question. Regional differences in banking integration affected how the recession spread across the country: financing frictions for credit-dependent firms were more...

Persistent link: https://www.econbiz.de/10010607005

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

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