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Cultures, Finance And Growth

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Author Info
Michele Bagella
Leonardo Becchetti
Stefano Caiazza

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Abstract

The literature on economic growth has recently emphasized the role of institutions but has not thoroughly explored the impact of different religious and cultural backgrounds on institution building. In this paper we argue that religious differences among countries are crucial determinants of the evolution of financial and non financial institutions. Moreover, we find that a positive link between finance and growth arises only in those countries whose cultural background allowed them to reach a sufficient degree of institutional development. This result is consistent with predictions of a nonlinear relationship between finance and growth from a recent vintage of theoretical models. The religious background-institutional development nexus is finally used in the paper to demonstrate that the effect of institutions on growth is for a significant part exogenous.

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Paper provided by Tor Vergata University, CEIS in its series Departmental Working Papers with number 157.

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Date of creation: Jan 2002
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Handle: RePEc:rtv:ceiswp:157

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  2. repec:att:wimass:1919983 is not listed on IDEAS
  3. Lipford, Jody & McCormick, Robert E. & Tollison, Robert D., 1993. "Preaching matters," Journal of Economic Behavior & Organization, Elsevier, vol. 21(3), pages 235-250, August. [Downloadable!] (restricted)
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  5. Pagano, Marco, 1993. "Financial markets and growth: An overview," European Economic Review, Elsevier, vol. 37(2-3), pages 613-622, April. [Downloadable!] (restricted)
  6. Alesina, Alberto & Perotti, Roberto, 1994. "The Political Economy of Growth: A Critical Survey of the Recent Literature," World Bank Economic Review, Oxford University Press, vol. 8(3), pages 351-71, September.
  7. Leonardo Becchetti & Fabrizio Adriani, 2001. "Ict "Bottlenecks" And The Wealth Of Nations: A Contribution To The Empirics Of Economic Growth," Departmental Working Papers 146, Tor Vergata University, CEIS. [Downloadable!]
  8. Quah, D., 1999. "The Weightless Economy in Economic Development," Research Paper 155, World Institute for Development Economics Research.
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  9. Paul Wachtel & Peter L. Rousseau, 2000. "Inflation, Financial Development and Growth," Working Papers 00-10, New York University, Leonard N. Stern School of Business, Department of Economics. [Downloadable!]
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  15. Persson, Torsten & Tabellini, Guido, 1994. "Is Inequality Harmful for Growth?," American Economic Review, American Economic Association, vol. 84(3), pages 600-621, June. [Downloadable!] (restricted)
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  16. Franklin Allen & Douglas Gale, 1994. "A welfare comparison of intermediaries and financial markets in Germany and the U.S," Working Papers 95-3, Federal Reserve Bank of Philadelphia.
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  17. Leland, Hayne E & Pyle, David H, 1977. "Informational Asymmetries, Financial Structure, and Financial Intermediation," Journal of Finance, American Finance Association, vol. 32(2), pages 371-87, May. [Downloadable!] (restricted)
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  18. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 407-37, May. [Downloadable!] (restricted)
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  19. Brennan, Michael J & Kraus, Alan, 1987. " Efficient Financing under Asymmetric Information," Journal of Finance, American Finance Association, vol. 42(5), pages 1225-43, December. [Downloadable!] (restricted)
  20. BLUM, Ulrich & DUDLEY, Leonard, 2001. "Religion and Economic Growth: Was Weber Right?," Cahiers de recherche 2001-05, Universite de Montreal, Departement de sciences economiques. [Downloadable!]
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  21. S Durlauf & Danny Quah, 1998. "The New Empirics of Economic Growth," CEP Discussion Papers dp0384, Centre for Economic Performance, LSE.
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  1. Marco Alfo & Giovanni Trovato & Robert J. Waldmann, 2008. "Testing for country heterogeneity in growth models using a finite mixture approach," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 23(4), pages 487-514. [Downloadable!]
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