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Does pension privatization increase economic growth? : evidence from Latin America and Eastern Europe

Altiparmakov, Nikola; Nedeljkovic, Milan - 2016

Analyses of pension funding effects on economic growth need to differentiate between "carve-out" pension privatization … evidence that pension privatization in Latin America and Eastern Europe was associated with higher economic growth. The result … particularly unlikely in countries resorting to debt-financed privatization. Furthermore, we note the lack of positive pension …

Persistent link: https://www.econbiz.de/10011536201

The volatility curse : revisiting the paradox of plenty

Ploeg, Frederick van der; Poelhekke, Steven - 2009

The volatility of unanticipated output growth in income per capita is detrimental to long-run development, controlling for initial income per capita, population growth, human capital, investment, openness and natural resource dependence. This effect is significant and robust over a wide range of...

Persistent link: https://www.econbiz.de/10003832092

Granularity in banking and growth : does financial openness matter?

Bremus, Franziska; Buch, Claudia M. - 2013

We explore the impact of large banks and of financial openness for aggregate growth. Large banks matter because of granular effects: if markets are very concentrated in terms of the size distribution of banks, idiosyncratic shocks at the bank-level do not cancel out in the aggregate but can...

Persistent link: https://www.econbiz.de/10009786228

The positive link between financial liberalization, growth, and crises

Tornell, Aaron; Westermann, Frank; Martínez Trigueros, … - 2004

There is no agreement regarding the growth-enhancing effects of financial liberalization, mainly because it is associated with risky international bank flows, lending booms, and crises. In this paper we make the case for liberalization despite the occurrence of crises. We show that in developing...

Persistent link: https://www.econbiz.de/10011402501

The short-run and long-run effects of trade openness on financial development : some panel evidence for Europe

Caporale, Guglielmo Maria; Sova, Anamaria Diana; Sova, … - 2021

This paper analyses the short- and long-run effects of trade openness on financial development in a panel including data on 35 European countries over the period 2001-2019. For this purpose, it uses the PMG (pooled mean group) estimator for dynamic panels developed by Pesaran et al. (1999). The...

Persistent link: https://www.econbiz.de/10012514560

What drives financial development? : a meta-regression analysis

Doucouliagos, Chris; Haan, Jakob de; Sturm, Jan-Egbert - 2020

This paper offers a meta-regression analysis of the literature on the drivers of financial development. Our results based on 1900 estimates suggest that institutional quality is positively correlated to both private sector credit and stock market capitalization (both as share of GDP). Domestic...

Persistent link: https://www.econbiz.de/10012229266

Systemic crisis and growth revisited : has the global financial crisis marked a new era?

Steinkamp, Sven; Westermann, Frank - 2018

Occasional crises have been shown to be part of growth enhancing mechanism (see Rancière, Tornell and Westermann, 2008). In this paper, we document that neither the stereotypical case study of India vs. Thailand, nor the benchmark growth-regression in this earlier research support this result...

Persistent link: https://www.econbiz.de/10011863602

GDP growth, private debt and monetary policy

Cafiso, Gianluca - 2017

Economic research has considered Private Debt a determinant of GDP growth for years. By keeping this perspective, the objective of this work is to understand how much of the GDP response to a monetary shock is due to the variation of private debt. This is the marginal contribution of private...

Persistent link: https://www.econbiz.de/10011659392

The changing patterns of investment in the PRC economy

Holz, Carsten A. - 2017

The investment-intensive growth model of the People's Republic of China (PRC) is often viewed as state-driven and ultimately unsustainable. But largely unnoticed, a shift has taken place. This paper examines the changes in investment patterns since 2003 and the potential impact of industrial...

Persistent link: https://www.econbiz.de/10011657882

China's investment rate : implications and prospects

Holz, Carsten A. - 2017

For the past nearly forty years, China has experienced average annual real GDP growth of close to ten percent, much of it driven by investment and capital accumulation. By 2014, gross capital formation had reached 46 percent of aggregate expenditures. This paper documents the role of investment...

Persistent link: https://www.econbiz.de/10011659322

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