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Financial Development and Growth in Direct Firm-Level Comparisons

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  • Bena, Jan
  • Jurajda, Stepan

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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Keywords: Access to financial markets; Corporate growth; Financial development;

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