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Growth, financial development, societal norms and legal institutions

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Author Info

  • Garretsen, Harry
  • Lensink, Robert
  • Sterken, Elmer

    (Groningen University)

Abstract

This paper analyses whether societal norms help to explain cross-country differences in financial development. We analyze whether societal norms in addition to legal institutions have an impact on financial development. We address the implications of the inclusion of societal norms for the analysis of the impact of financial development on economic growth. Our main conclusions are first that societal norms are relevant in determining stock market capitalization while this is not the case for bank credit. Second, the value added of including informal institutions is limited to the extent that their (in)significance in determining financial development or, indirectly, economic growth largely coincides with that of formal institutions.

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File URL: http://irs.ub.rug.nl/ppn/241199166
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Bibliographic Info

Paper provided by University of Groningen, CCSO Centre for Economic Research in its series CCSO Working Papers with number 200210.

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Date of creation: 2002
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Handle: RePEc:dgr:rugccs:200210

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Cited by:
  1. David, Antonio C. & Li, Carmen A., 2008. "Exploring the links between HIV/AIDS, social capital, and development," Policy Research Working Paper Series 4679, The World Bank.
  2. Koetter, Michael & Wedow, Michael, 2005. "Finance and growth in a bank-based economy: is it quantity or quality that matters?," Discussion Paper Series 2: Banking and Financial Studies 2006,02, Deutsche Bundesbank, Research Centre.
  3. Bert Scholtens & Lammertjan Dam, 2007. "Cultural Values and International Differences in Business Ethics," Journal of Business Ethics, Springer, vol. 75(3), pages 273-284, October.
  4. OBREJA-BRASOVEANU, Laura, 2011. "Size and quality of public sector and economic growth changes occurring in the former communist EU countries," Working Papers 17/2011, Universidade Portucalense, Centro de Investigação em Gestão e Economia (CIGE).
  5. Abu Nurudeen, 2009. "Does Stock Market Development Raise Economic Growth? Evidence from Nigeria," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 1(1), pages 015-026, December.
  6. David, Antonio C., 2007. "HIV/AIDS and social capital in a cross-section of countries," Policy Research Working Paper Series 4263, The World Bank.
  7. Laura Obreja Braşoveanu, 2012. "Correlation Between Government and Economic Growth - Specific Features for 10 Nms," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 2(5), pages 14, October.

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