In what sense are institutions a deep determinant of growth? In this paper, we address this question by examining the … relationship between city growth and institutional reform in 19th century Germany, when some cities experienced deep institutional … reform as a result of French rule. Employing an instrumental-variables approach, we find there is a hierarchy of growth …

financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of … paper starts by illustrating these opposing effects by, first, analyzing the dynamics of output growth and financial … intermediation around systemic banking crises and, second, showing that the growth enhancing effects of financial depth are weaker in …

intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as …

Several recent empirical studies have examined determinants of economic growth using country average (cross … industrial and developing countries over 1960-85 to determine the quantitative importance for economic growth of both country … results provide support for the view that these factors exert a positive and significant influence on economic growth. They …