Finance and the sources of growth [Dataset]

DOI

This paper evaluates the empirical relationship between the level of financial intermediary development and (i) economic growth, (ii) total factor productivity growth, (iii) physical capital accumulation, and (iv) private saving rates. We use (a) a pure cross-country instrumental variable estimator to extract the exogenous component of financial intermediary development, and (b) a new panel technique that controls for biases associated to simultaneity and unobserved country-specific effects. After controlling for these potential biases, we find that (1) financial intermediaries exert a large, positive impact on total factor productivity growth, which feeds through to overall GDP growth; and (2) the long-run links between financial intermediary development and both physical capital growth and private saving rates are tenuous.

Identifier
DOI https://doi.org/10.34894/RJL5MN
Metadata Access https://dataverse.nl/oai?verb=GetRecord&metadataPrefix=oai_datacite&identifier=doi:10.34894/RJL5MN
Provenance
Creator T. Beck; R. Levine; N. Loayza
Publisher DataverseNL
Contributor T. Beck; DataverseNL
Publication Year 2013
Rights CC-BY-4.0; info:eu-repo/semantics/openAccess; http://creativecommons.org/licenses/by/4.0
OpenAccess true
Contact T. Beck
Representation
Resource Type Miscellaneous data; Dataset
Format application/vnd.openxmlformats-officedocument.wordprocessingml.document; application/vnd.ms-excel
Size 40417; 1077760
Version 7.0
Discipline Business and Management; Economics; Social and Behavioural Sciences