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We test whether output growth in European economic agglomeration regions depends on financial development. To this end … analysis. We show that more efficient banks spur regional growth while the typically used quantity measure of financial … development is negligible. Also, our results suggest an additional channel through which better banking can spur growth: the …
Persistent link: https://www.econbiz.de/10005082797
industry growth in Poland. This negative finding held for 1990-2001 as a whole and for two distinct sub-periods that differed …
Persistent link: https://www.econbiz.de/10005083067
The Czech Republic, Hungary and Poland (CEEC-3) have undertaken substantial efforts to build a new financial system under the constraints of their legacies from central planning. In this study, first we look at the banking sector. Then we give a description of bond and stock markets. These...
Persistent link: https://www.econbiz.de/10005083143
Rajan and Zingales (1998) use U.S. Compustat firm data for the 1980s to obtain measures of manufacturing sectors? Dependence on External Finance (DEF). They take any differences in these measures to be structural/technological and thus applicable to other countries. Their joint assumptions about...
Persistent link: https://www.econbiz.de/10005083266
After decades of steady liberalisation and financial market development, emerging capital markets experienced unparalleled capital inflows in the aftermath of the emerging markets crisis in the 1990s. This paper studies portfolio investment decisions of German banks in 30 emerging capital...
Persistent link: https://www.econbiz.de/10008554260
Financial globalisation has been associated with divergent current account patterns in emerging market economies. While countries in emerging Asia have been running sizeable current account surpluses, countries in emerging Europe have been facing large current account deficits. In this paper we...
Persistent link: https://www.econbiz.de/10005059032
allocated according to income and growth differentials. The 'downhill' flow of capital from rich to poor economies was …
Persistent link: https://www.econbiz.de/10011104989
growth as published in surveys are used as an input into the model. Changes in growth expectations translate into …
Persistent link: https://www.econbiz.de/10010957113
Since 1991, survey expectations of long-run output growth for the U.S. relative to the rest of the world exhibit a … can to a large extent be rationalized in a two-region stochastic growth model simulated using expected trend growth … growth prospects. …
Persistent link: https://www.econbiz.de/10010957136
This paper investigates economic convergence in real income per capita between 27 European Union countries. We employ a non-linear latent factor framework to study transitional behavior among economies between 1970 and 2010. Our results offer important insights on the economic catch-up exhibited...
Persistent link: https://www.econbiz.de/10010984716