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Financial Development and Growth in Direct Firm-Level Comparisons

  • Jan Bena,
  • Stepan Jurajda

The establishment of the EU-15 'single market' in 1993 brought about a high degree of synchronization of industry shocks, while substantial diversity existed in the development of country-level financial markets. We compare within-industry growth rates of similar 'single-market' firms facing financial systems of different depth and institutional quality as of 1993. Moving from the least to the most developed financial market within the EU- 15 boosts firms' annual value-added growth by about three percentage points. Our results also suggest that the growth gap due to initially under-developed financial systems was closed by 2003.

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Paper provided by The Center for Economic Research and Graduate Education - Economics Institute, Prague in its series CERGE-EI Working Papers with number wp317.

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Date of creation: Mar 2007
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Handle: RePEc:cer:papers:wp317
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