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Financial Development and Growth in Direct Firm-Level Comparisons

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Author Info
Bena, Jan
Jurajda, Stepan

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Abstract

The establishment of the EU-15 `single market' in 1993 brought about a high degree of similarity in firms' growth opportunities across countries, while substantial diversity existed in the development of national financial markets. We compare within-industry growth rates of similar `single-market' firms facing financial systems of different depth and institutional quality as of 1993. Moving from the least to the most developed financial market within the EU-15 boosts firms' annual value-added growth by about three percentage points. Our results also suggest that the growth gap due to initially under-developed financial systems was closed by 2003.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 6395.

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Date of creation: Jul 2007
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Handle: RePEc:cpr:ceprdp:6395

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Related research
Keywords: Access to financial markets Corporate growth Financial development

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Find related papers by JEL classification:
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment
O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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This page was last updated on 2008-7-25.

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