Financial dependence and growth: Diminishing returns to improvement in financial development

This paper examines how much financial development facilitates economic growth by nonparametrically estimating the effect of financial development on reducing the costs of external finance to firms. The data reveal substantial evidence of diminishing returns to improvement in financial development.

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Year of publication:	2013
Authors:	Shen, Leilei
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 120.2013, 2, p. 215-219
Publisher:	Elsevier
Subject:	Financial dependence \| Growth \| Semiparametric estimation

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Type of publication:	Article
Classification:	F3 - International Finance ; O4 - Economic Growth and Aggregate Productivity
Source:	RePEc - Research Papers in Economics

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