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Finance and growth: a synthesis and interpretation of the evidence

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  • A. GALETOVIC

    (Universidad de Chile)

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    Abstract

    There has been a resurgence in the interest of examining the correlation between financial intermediaries and services and long-run growth. An analysis is done to review and interpret empirical proof gathered concerning this issue. The study is premised on the fact that this issue is centred on the belief that incentive frictions in credit markets significantly affect real allocations.

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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10608/10492
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    Bibliographic Info

    Article provided by Banca Nazionale del Lavoro in its journal Banca Nazionale del Lavoro Quarterly Review.

    Volume (Year): 49 (1996)
    Issue (Month): 196 ()
    Pages: 59-82

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    Handle: RePEc:psl:bnlqrr:1996:13

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    Related research

    Keywords: Research; Economic development; financial intermediaries; credit markets;

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    References

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    1. Goldsmith, Raymond W., 1985. "Comparative National Balance Sheets," University of Chicago Press Economics Books, University of Chicago Press, edition 0, number 9780226301532.
    2. De Long, J. Bradford & Summers, Lawrence H., 1993. "How strongly do developing economies benefit from equipment investment?," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 395-415, December.
    3. Nouriel Roubini & Xavier Sala-i-Martin, 1991. "Financial Repression and Economic Growth," NBER Working Papers 3876, National Bureau of Economic Research, Inc.
    4. Diamond, Douglas W, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 51(3), pages 393-414, July.
    5. Colin Mayer, 1990. "Financial Systems, Corporate Finance, and Economic Development," NBER Chapters, in: Asymmetric Information, Corporate Finance, and Investment, pages 307-332 National Bureau of Economic Research, Inc.
    6. King, Robert G. & Levine, Ross, 1992. "Financial indicators and growth in a cross section of countries," Policy Research Working Paper Series 819, The World Bank.
    7. Fazzari, Steven M & Athey, Michael J, 1987. "Asymmetric Information, Financing Constraints, and Investment," The Review of Economics and Statistics, MIT Press, vol. 69(3), pages 481-87, August.
    8. Cho, Yoon Je, 1989. "Finance and Development: The Korean Approach," Oxford Review of Economic Policy, Oxford University Press, vol. 5(4), pages 88-102, Winter.
    9. R. Glenn Hubbard & Anil Kashyap, 1990. "Internal Net Worth and the Investment Process: An Application to U.S. Agriculture," NBER Working Papers 3339, National Bureau of Economic Research, Inc.
    10. Mayer, Colin, 1988. "New issues in corporate finance," European Economic Review, Elsevier, vol. 32(5), pages 1167-1183, June.
    11. J. Bradford De Long & Lawrence H. Summers, 1990. "Equipment Investment and Economic Growth," NBER Working Papers 3515, National Bureau of Economic Research, Inc.
    12. Corbett, Jenny, 1987. "International Perspectives on Financing: Evidence from Japan," Oxford Review of Economic Policy, Oxford University Press, vol. 3(4), pages 30-55, Winter.
    13. Davis, E Philip & Mayer, Colin, 1991. "Corporate Finance in the Euromarkets and the Economics of Intermediation," CEPR Discussion Papers 570, C.E.P.R. Discussion Papers.
    14. Steven M. Fazzari & R. Glenn Hubbard & BRUCE C. PETERSEN, 1988. "Financing Constraints and Corporate Investment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1), pages 141-206.
    15. Neal, Craig R., 1990. "Macrofinancial indicators for 117 developing and industrial countries," Policy Research Working Paper Series 58, The World Bank.
    16. King, Robert G & Levine, Ross, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 108(3), pages 717-37, August.
    17. J. Bradford DeLong & Lawrence H. Summers, 1992. "Equipment Investment and Economic Growth: How Strong Is the Nexus?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(2), pages 157-212.
    18. Levine, Ross & Renelt, David, 1991. "A sensitivity analysis of cross-country growth regressions," Policy Research Working Paper Series 609, The World Bank.
    19. Takeo Hoshi & Anil K. Kashyap & David Scharfstein, 1990. "The role of banks in reducing financial distress in Japan," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 134, Board of Governors of the Federal Reserve System (U.S.).
    20. James, Christopher, 1987. "Some evidence on the uniqueness of bank loans," Journal of Financial Economics, Elsevier, vol. 19(2), pages 217-235, December.
    21. Ben S. Bernanke, 1993. "Credit in the macroeconomy," Quarterly Review, Federal Reserve Bank of New York, issue Spr, pages 50-70.
    22. Lummer, Scott L. & McConnell, John J., 1989. "Further evidence on the bank lending process and the capital-market response to bank loan agreements," Journal of Financial Economics, Elsevier, vol. 25(1), pages 99-122, November.
    23. Hicks, J. R., 1969. "A Theory of Economic History," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198811633, October.
    24. Mikkelson, Wayne H. & Partch, M. Megan, 1986. "Valuation effects of security offerings and the issuance process," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 31-60.
    25. Gertler, M. & Rose, A., 1991. "Finance, growth, and public policy," Policy Research Working Paper Series 814, The World Bank.
    26. Gelb, Alan H., 1989. "Financial policies, growth, and efficiency," Policy Research Working Paper Series 202, The World Bank.
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    Cited by:
    1. Eschenbach, Felix & Francois, Joseph, 2002. "Financial Sector Competition, Services Trade, and Growth," CEPR Discussion Papers 3573, C.E.P.R. Discussion Papers.
    2. Hansson, Pontus & Jonung, Lars, 1997. "Finance and Economic Growth. The Case of Sweden 1834-1991," Working Paper Series in Economics and Finance 176, Stockholm School of Economics.
    3. Joseph F. Francois & Lutger Schuknecht, 1999. "Trade in Financial Services: Procompetitive Effects and Growth Performance," Tinbergen Institute Discussion Papers 99-028/2, Tinbergen Institute.
    4. repec:dgr:uvatin:2099028 is not listed on IDEAS
    5. Md abdul Wadud, 2009. "Financial development and economic growth: a cointegration and error-correction modeling approach for south Asian countries," Economics Bulletin, AccessEcon, vol. 29(3), pages 1670-1677.
    6. Scholtens, Bert, 2000. "Financial regulation and financial system architecture in Central Europe," Journal of Banking & Finance, Elsevier, vol. 24(4), pages 525-553, April.
    7. Fohlin, Caroline, 1999. "Universal Banking in Pre-World War I Germany: Model or Myth?," Explorations in Economic History, Elsevier, Elsevier, vol. 36(4), pages 305-343, October.
    8. Joseph F. Francois & Lutger Schuknecht, 1999. "Trade in Financial Services: Procompetitive Effects and Growth Performance," Tinbergen Institute Discussion Papers 99-028/2, Tinbergen Institute.
    9. Marano, Angelo, 2000. "Beyond The London-Frankfurt Dichothomy. What Space For The Other European Financial Centers?," ERSA conference papers ersa00p407, European Regional Science Association.
    10. Caroline Fohlin, 1998. "Banking systems and economic growth: lessons from Britain and Germany in the pre-World War I era," Review, Federal Reserve Bank of St. Louis, issue May, pages 37-48.

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