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Sussman, Oren; Zeira, Joseph - C.E.P.R. Discussion Papers - 1995

paper describes how specialization of banks can lead to such feedback effects, which work through the cost of financial … intermediation. In the empirical part of the paper we use US cross-state data from banks' income statements to show that the cost of …

Persistent link: https://www.econbiz.de/10005498084

Leverage Across Firms, Banks and Countries

Kalemli-Ozcan, Sebnem; Sørensen, Bent E; Yesiltas, Sevcan - C.E.P.R. Discussion Papers - 2011

-financial firm and commercial bank before the crisis, but the picture was quite different for large commercial banks States and for … investment banks worldwide. We document the following patterns: a) there was an increase in leverage ratios of investment banks … and financial firms during the early 2000s; b) there was no visible increase for commercial banks and non-financial firms …

Persistent link: https://www.econbiz.de/10009283393

Financial Development, Property Rights and Growth

Claessens, Stijn; Laeven, Luc - C.E.P.R. Discussion Papers - 2002

This Paper investigates how the legal framework not only affects the amount of external financing available, but also firms’ resource allocation among different types of assets. Using a simple model, we show that in a weaker legal environment a firm will get less financing, and thus invest...

Persistent link: https://www.econbiz.de/10005504760

Finance, Growth and Fragility: The Role of Government

Beck, Thorsten - C.E.P.R. Discussion Papers - 2013

This paper offers a critical survey of the literature on the role of financial deepening in economic development, focusing on the role of government. Specifically, I distinguish between the policy view that relates financial sector development to an array of necessary policies and institutions,...

Persistent link: https://www.econbiz.de/10011084237

Public Ownership of Banks and Economic Growth - The Role of Heterogeneity

Körner, Tobias; Schnabel, Isabel - C.E.P.R. Discussion Papers - 2010

In an influential paper, La Porta, Lopez-De-Silanes and Shleifer (2002) argued that public ownership of banks is …

Persistent link: https://www.econbiz.de/10008784712

Two to Tangle: Financial Development, Political Instability and Economic Growth in Argentina (1896-2000)

Campos, Nauro F; Karanasos, Menelaos; Tan, Bin - C.E.P.R. Discussion Papers - 2008

This paper investigates the effects of financial development and political instability on economic growth in a power-ARCH framework with data for Argentina from 1896 to 2000. Our findings suggest that (i) informal or unanticipated political instability (e.g., guerrilla warfare) has a direct...

Persistent link: https://www.econbiz.de/10005114221

Finance and Efficiency: Do Bank Branching Regulations Matter?

Acharya, Viral V; Imbs, Jean; Sturgess, Jason - C.E.P.R. Discussion Papers - 2007

We use portfolio theory to quantify the efficiency of state-level sectoral patterns of production in the United States. On the basis of observed growth in sectoral value added output, we calculate for each state the efficient frontier for investments in the real economy, the efficient Sharpe...

Persistent link: https://www.econbiz.de/10005504526

The Great Reversals: The Politics of Financial Development in the 20th Century

Rajan, Raghuram G; Zingales, Luigi - C.E.P.R. Discussion Papers - 2001

We show that the development of the financial sector does not change monotonically over time. In particular, we find that by most measures, countries were more financially developed in 1913 than in 1980 and only recently have they surpassed their 1913 levels. This pattern is inconsistent with...

Persistent link: https://www.econbiz.de/10005504599

Adjustment to Target Capital, Finance and Growth

Ciccone, Antonio; Papaioannou, Elias - C.E.P.R. Discussion Papers - 2006

Does financial development result in capital being reallocated more rapidly to industries where it is most productive? We argue that if this was the case, financially developed countries should see faster growth in industries with investment opportunities due to global demand and productivity...

Persistent link: https://www.econbiz.de/10005504771

International Capital Flows with Limited Commitment and Incomplete Markets

von Hagen, Jürgen; Zhang, Haiping - C.E.P.R. Discussion Papers - 2012

markets, to explain the patterns of international capital flows between developed and developing countries observed in the … their implications for international capital flows, production efficiency, and aggregate output. …

Persistent link: https://www.econbiz.de/10011084189