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Chapter 12 Finance and Growth: Theory and Evidence
Levine, Ross - 2005
This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial...
Persistent link: https://www.econbiz.de/10014023775
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The Evolving Importance of Banks and Securities Markets
Demirgüç-Kunt, Asli - 2012
This paper examines the evolving importance of banks and securities markets during the process of economic development. We find that as countries develop economically, (1) the size of both banks and securities markets increases relative to the size of the economy, (2) the association between an...
Persistent link: https://www.econbiz.de/10013105187
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Competition and Bank Opacity
Levine, Ross; Jiang, Liangliang; Lin, Chen - National Bureau of Economic Research (NBER) - 2014
Did regulatory reforms that lowered barriers to competition among U.S. banks increase or decrease the quality of … information that banks disclose to the public and regulators? We find that an intensification of competition reduced abnormal … competition reduces bank opacity, enhancing the ability of markets and regulators to monitor banks. …
Persistent link: https://www.econbiz.de/10011103497
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Bank-Based or Market-Based Financial Systems: Which is Better?
Levine, Ross - National Bureau of Economic Research (NBER) - 2002
For over a century, economists and policy makers have debated the relative merits of bank-based versus market-based financial systems. Recent research, however, argues that classifying countries as bank-based or market is not a very fruitful way to distinguish financial systems. This paper...
Persistent link: https://www.econbiz.de/10005828896
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Financial Innovation and Endogenous Growth
Michalopoulos, Stelios; Lueven, Luc; Levine, Ross - Department of Economics, Tufts University - 2010
We model technological and financial innovation as reflecting the decisions of profit maximizing agents and explore the implications for economic growth. We start with a Schumpeterian endogenous growth model where entrepreneurs earn monopoly profits by inventing better goods and financiers arise...
Persistent link: https://www.econbiz.de/10008512087
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Financial Innovation and Endogenous Growth
Michalopoulos, Stelios; Laeven, Luc; Levine, Ross - School of Social Science, Institute for Advanced Study - 2011
We model technological and ?nancial innovation as re?ecting the decisions of pro?t maximizing agents and explore the implications for economic growth. We start with a Schumpeterian growth model where entrepreneurs earn pro?ts by inventing better goods and ?nanciers arise to screen entrepreneurs....
Persistent link: https://www.econbiz.de/10009644118
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Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development
Demirguc-Kunt, Asli (contributor); Levine, Ross (contributor) - The MIT Press
This is the first broad cross-country assessment of the ties between financial structure—the mix of financial instruments, institutions, and markets in a given economy—and economic growth since Raymond Goldsmith's 1969 landmark study. Most studies focus on developed countries and compare...
Persistent link: https://www.econbiz.de/10005756525
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Financial Innovation and Endogenous Growth
Laeven, Luc; Levine, Ross; Michalopoulos, Stelios - C.E.P.R. Discussion Papers - 2009
We model technological and financial innovation as reflecting the decisions of profit maximizing agents and explore the implications for economic growth. We start with a Schumpeterian endogenous growth model where entrepreneurs earn monopoly profits by inventing better goods and financiers arise...
Persistent link: https://www.econbiz.de/10008528522
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Bank-Based or Market-Based Financial Systems: Which is Better?
Levine, Ross - William Davidson Institute, University of Michigan - 2002
For over a century, economists and policy makers have debated the relative merits of bank-based versus market-based financial systems. Recent research, however, argues that classifying countries as bank-based or market is not a very fruitful way to distinguish financial systems. This paper...
Persistent link: https://www.econbiz.de/10005489929
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Industry Growth and Capital Allocation: Does Having a Market- or Bank-Based System Matter?
Levine, Ross; Beck, Thorsten - National Bureau of Economic Research (NBER) - 2002
Are market-based or bank-based financial systems better at financing the expansion of industries that depend heavily on external finance, facilitating the formation of new establishments, and improving the efficiency of capital allocation across industries? We find evidence for neither the...
Persistent link: https://www.econbiz.de/10005248672