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World Bank lending and financial sector development

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Author Info
Cull, Robert
Effron, Laurie

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Abstract

Using a new database of World Bank loans to support financial sector development, the authors investigate whether countries that received such loans experienced more rapid growth on standard indicators of financial development than countries that did not. They account for self-selection with treatment effects regressions, and also use propensity score matching techniques. The authors'results indicate that borrowing countries had significantly more rapid growth in M2/GDP than non-borrowers, and swifter reductions in interest rate spreads and cash holdings (as a share of M2). Borrowers also had higher private credit growth rates than non-borrowers in treatment effects regressions, but not in standard panel regressions with fixed country effects. On the whole, however, the results indicate significant advantages for borrowers over non-borrowers in terms of financial development.

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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 3656.

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Date of creation: 01 Jul 2005
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Handle: RePEc:wbk:wbrwps:3656

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  17. Cull, Robert, 2001. "Financial-Sector Reform: What Works and What Doesn't," Economic Development and Cultural Change, University of Chicago Press, vol. 49(2), pages 269-90, January.
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  19. Levine, Ross, 2005. "Finance and Growth: Theory and Evidence," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 12, pages 865-934 Elsevier. [Downloadable!] (restricted)
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  20. Conway, Patrick, 1994. "IMF lending programs: Participation and impact," Journal of Development Economics, Elsevier, vol. 45(2), pages 365-391, December. [Downloadable!] (restricted)
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