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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

Financial Development, Property Rights and Growth

Claessens, Stijn; Laeven, Luc - C.E.P.R. Discussion Papers - 2002

This Paper investigates how the legal framework not only affects the amount of external financing available, but also firms’ resource allocation among different types of assets. Using a simple model, we show that in a weaker legal environment a firm will get less financing, and thus invest...

Persistent link: https://www.econbiz.de/10005504760

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

Two to Tangle: Financial Development, Political Instability and Economic Growth in Argentina (1896-2000)

Campos, Nauro F; Karanasos, Menelaos; Tan, Bin - C.E.P.R. Discussion Papers - 2008

This paper investigates the effects of financial development and political instability on economic growth in a power-ARCH framework with data for Argentina from 1896 to 2000. Our findings suggest that (i) informal or unanticipated political instability (e.g., guerrilla warfare) has a direct...

Persistent link: https://www.econbiz.de/10005114221

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

The Rise of Europe: Atlantic Trade, Institutional Change and Economic Growth

Acemoglu, Daron; Johnson, Simon; Robinson, James A - C.E.P.R. Discussion Papers - 2003

oceanic trade. Moreover, Atlantic ports grew much faster than other West European cities, including Mediterranean ports …. Atlantic trade and colonialism affected Europe both directly and indirectly by inducing institutional changes. In particular …, the growth of New World, African and Asian trade after 1500 strengthened new segments of the commercial bourgeoisie and …

Persistent link: https://www.econbiz.de/10005067437

Trade openness and spatial inequality in emerging countries

Ezcurra, Roberto; Rodriguez-Pose, Andres - C.E.P.R. Discussion Papers - 2013

Emerging world countries have experienced over the last two decades a significant change in their trade patterns. Bold … trade reforms have been followed by rapid rises in international trade levels. However, despite these radical changes, we … know remarkably little about how changes in trade patterns are affecting the evolution of regional inequality in the …

Persistent link: https://www.econbiz.de/10011084500

Institutions Rule: The Primacy of Institutions Over Geography and Integration in Economic Development

Rodrik, Dani; Subramanian, Arvind; Trebbi, Francesco - C.E.P.R. Discussion Papers - 2002

We estimate the respective contributions of institutions, geography, and trade in determining income levels around the … world, using recently developed instruments for institutions and trade. Our results indicate that the quality of … institutions are controlled for, trade is almost always insignificant, and often enters the income equation with the 'wrong' (i …

Persistent link: https://www.econbiz.de/10005667122

Does External Trade Promote Financial Development?

Huang, Yongfu; Temple, Jonathan - C.E.P.R. Discussion Papers - 2005

Several recent papers have argued that trade and financial development may be linked, either for political economy … paper we use the cross-country and time-series variation in openness to study the relationship between trade and finance in …

Persistent link: https://www.econbiz.de/10005792141

Markets in China and Europe on the Eve of the Industrial Revolution

Keller, Wolfgang; Shiue, Carol Hua - C.E.P.R. Discussion Papers - 2004

Current orthodoxy suggests that the Industrial Revolution began in Europe because European institutions promoted comparatively high levels of market efficiency. This Paper compares the actual efficiency of markets in Europe and China, two regions of the world that were relatively advanced in the...

Persistent link: https://www.econbiz.de/10005114184

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