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Regulation of financial systems and economic growth in OECD countries: An empirical analysis

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  • Alain de Serres
  • Shuji Kobayakawa
  • Torsten Sløk
  • Laura Vartia

Abstract

The operation of the financial system can have a key impact on economic growth and the stability of the economy. It affects long-term economic growth through its effect on the efficiency of intermediation between the savers and final borrowers of funds; through the extent to which it allows for monitoring of the users of external funds, affecting thereby the productivity of capital employed; and through its implications for the volume of saving, which influences the future income-generating capacity of the economy. It affects the stability of the economy because of the high degree of leverage of its activities and its pivotal role in the settlement of all transactions in the economy, so that any failure in one segment risks undermining the stability of the whole system.

Suggested Citation

  • Alain de Serres & Shuji Kobayakawa & Torsten Sløk & Laura Vartia, 2007. "Regulation of financial systems and economic growth in OECD countries: An empirical analysis," OECD Economic Studies, OECD Publishing, vol. 2006(2), pages 77-113.
    • Handle: RePEc:oec:ecokaa:5l4jgl6mzq0t
    DOI: 10.1787/eco_studies-v2006-art10-en
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    1. repec:ilo:ilowps:487892 is not listed on IDEAS
    2. Renaud Bourlès & Gilbert Cette & Jimmy Lopez & Jacques Mairesse & Giuseppe Nicoletti, 2013. "Do Product Market Regulations In Upstream Sectors Curb Productivity Growth? Panel Data Evidence For OECD Countries," The Review of Economics and Statistics, MIT Press, vol. 95(5), pages 1750-1768, December.
    3. Thomas Jobert & Alexandru Monahov & Anna Tykhonenko, 2014. "Domestic Credit in Times of Supervision: An Empirical Investigation of European Countries," GREDEG Working Papers 2014-30, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    4. Kevin J. Fox & Gilbert Cette & Jimmy Lopez & Jacques Mairesse, 2017. "Upstream Product Market Regulations, ICT, R&D and Productivity," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 63, pages 68-89, February.
    5. Khou, Vouthy. & Cheng, Oudom. & Leng, Soklong. & Meng, Channarith., 2015. "Role of the Central Bank in supporting economic diversification and productive employment in Cambodia," ILO Working Papers 994878923402676, International Labour Organization.
    6. Gilbert Cette & Jimmy Lopez & Jacques Mairesse, 2016. "Product and Labour Market Regulations, Production Prices, Wages and Productivity," Review of Economics and Institutions, Università di Perugia, vol. 7(2).
    7. Francesco Bripi & David Loschiavo & Davide Revelli, 2020. "Services trade and credit frictions: Evidence with matched bank–firm data," The World Economy, Wiley Blackwell, vol. 43(5), pages 1216-1252, May.
    8. Badeeb, Ramez Abubakr & Szulczyk, Kenneth R. & Zahra, Samia & Mukherjee, Tanusree Chakravarty, 2023. "Innovation dynamics in the natural resource curse hypothesis: A new perspective from BRICS countries," Resources Policy, Elsevier, vol. 81(C).
    9. Jeremy Kronick, 2018. "Productivity and the Financial Sector – What’s Missing?," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 508, April.
    10. Michael, Bryane & Falzon, Joseph & Shamdasani, Ajay, 2015. "A Theory of Financial Services Competition, Compliance and Regulation," EconStor Preprints 107400, ZBW - Leibniz Information Centre for Economics.
    11. Alessandro Saia & Dan Andrews & Silvia Albrizio, 2015. "Productivity Spillovers from the Global Frontier and Public Policy: Industry-Level Evidence," OECD Economics Department Working Papers 1238, OECD Publishing.

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