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New empirical evidence on local financial development and growth Author info | Abstract | Publisher info | Download info | Related research | Statistics Andrea Vaona () (Facoltà di Economia, Università di Lugano, Svizzera; Kiel Institute for the World Economy, Kiel, Germany; University of Verona, Department of Economic Sciences, Verona, Italy)
Roberto Patuelli () (Facoltà di Economia, Università di Lugano, Svizzera)
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In this paper, we show that the regional finance-growth nexus in Italy is robust to a series of innovations with respect to the existing literature on the topic. We use finer measures of economic and financial development, as well as instruments with a deeper economic content. We rely on state-of-the-art cross-sectional and panel estimation methods, and we offer a thorough investigation of the nonlinearities in the relation between finance and growth. Our results show that, while local financial development is a key factor for economic growth, in regions with inefficient courts more credit might translate into reduced growth due to opportunistic behaviour and the consequent misallocation of funds.
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Paper provided by Biblioteca universitaria di Lugano (University Library of Lugano) in its series Quaderni della facoltà di Scienze economiche dell'Università di Lugano with number
0805.
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Length: 11 pages
Date of creation: 13 May 2008Date of revision:
Handle: RePEc:lug:wpaper:0805Contact details of provider: Web page: http://www.bul.unisi.ch
For technical questions regarding this item, or to correct its listing, contact: (Alessio Tutino).
Keywords: Finance Growth Regions Italy Cross-Section Analysis Panel Data Analysis Find related papers by JEL classification: O18 - Economic Development, Technological Change, and Growth - - Economic Development - - - Regional, Urban, and Rural Analyses O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Guiso, Luigi & Sapienza, Paola & Zingales, Luigi, 2006.
"The Cost of Banking Regulation ,"
CEPR Discussion Papers
5864, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions:
Luigi Guiso & Paola Sapienza & Luigi Zingales, 2006.
"The Cost of Banking Regulation ,"
NBER Working Papers
12501, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Luigi Guiso & Paola Sapienza & Luigi Zingales, 2007.
"The Cost of Banking Regulation ,"
Economics Working Papers
ECO2007/43, European University Institute.
[Downloadable!] Luigi Guiso & Paola Sapienza & Luigi Zingales, 2004.
"The cost of banking regulation ,"
Proceedings ,
Federal Reserve Bank of Chicago, issue May, pages 125-164.
Beck, Thorsten & Levine, Ross & Loayza, Norman, 2000.
"Finance and the sources of growth ,"
Journal of Financial Economics ,
Elsevier, vol. 58(1-2), pages 261-300.
[Downloadable!] (restricted)
Other versions: Philip Arestis & Ambika Luintel & Kul Luintel, 2004.
"Does Financial Structure Matter? ,"
Money Macro and Finance (MMF) Research Group Conference 2004
61, Money Macro and Finance Research Group.
[Downloadable!]
Other versions: Luigi Guiso & Paola Sapienza & Luigi Zingales, 2004.
"The Role of Social Capital in Financial Development ,"
American Economic Review ,
American Economic Association, vol. 94(3), pages 526-556, June.
[Downloadable!] (restricted)
Other versions:
Luigi Guiso & Paola Sapienza & Luigi Zingales, 2000.
"The Role of Social Capital in Financial Development ,"
CRSP working papers
511, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
[Downloadable!] Guiso, Luigi & Sapienza, Paola & Zingales, Luigi, 2000.
"The Role of Social Capital In Financial Development ,"
CEPR Discussion Papers
2383, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Luigi Guiso & Paola Sapienza & Luigi Zingales, 2000.
"The Role of Social Capital in Financial Development ,"
NBER Working Papers
7563, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Andrea Vaona, 2008.
"Regional evidence on financial development, finance term structure and growth ,"
Empirical Economics ,
Springer, vol. 34(1), pages 185-201, February.
[Downloadable!] (restricted)
Levine, Ross & Loayza, Norman & Beck, Thorsten, 2000.
"Financial intermediation and growth: Causality and causes ,"
Journal of Monetary Economics ,
Elsevier, vol. 46(1), pages 31-77, August.
[Downloadable!] (restricted)
Other versions: Jappelli, Tullio & Pagano, Marco & Bianco, Magda, 2005.
"Courts and Banks: Effects of Judicial Enforcement on Credit Markets ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 37(2), pages 223-44, April.
Other versions:
Magda Bianco & Tullio Jappelli & Marco Pagano, 2001.
"Courts and Banks: Effects of Judicial Enforcement on Credit Markets ,"
CSEF Working Papers
58, Centre for Studies in Economics and Finance (CSEF), University of Salerno, Italy.
[Downloadable!] Bianco, Magda & Jappelli, Tullio & Pagano, Marco, 2002.
"Courts and Banks: Effects of Judicial Enforcement on Credit Markets ,"
CEPR Discussion Papers
3347, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Nicholas Apergis & Ioannis Filippidis & Claire Economidou, 2007.
"Financial Deepening and Economic Growth Linkages: A Panel Data Analysis ,"
Review of World Economics (Weltwirtschaftliches Archiv) ,
Springer, vol. 143(1), pages 179-198, April.
[Downloadable!] (restricted)
David Roodman, 2003.
"XTABOND2: Stata module to extend xtabond dynamic panel data estimator ,"
Statistical Software Components
S435901, Boston College Department of Economics, revised 14 May 2008.
[Downloadable!]
Luigi Guiso & Paola Sapienza & Luigi Zingales, 2004.
"Does Local Financial Development Matter? ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 119(3), pages 929-969, August.
[Downloadable!] (restricted)
Other versions:
Luigi Guiso & Paola Sapienza & Luigi Zingales, 2002.
"Does Local Financial Development Matter? ,"
NBER Working Papers
8923, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Guiso, Luigi & Sapienza, Paola & Zingales, Luigi, 2002.
"Does Local Financial Development Matter? ,"
CEPR Discussion Papers
3307, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
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