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Song, Zheng Michael; Storesletten, Kjetil; Zilibotti, … - C.E.P.R. Discussion Papers - 2009

This paper constructs a growth model that is consistent with salient features of the Chinese growth experience since 1992: high output growth, sustained returns on capital investments, extensive reallocation within the manufacturing sector, falling labor share and accumulation of a large foreign...

Persistent link: https://www.econbiz.de/10005123794

Banking and Development

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

This paper reformulates the well known financial development conjecture (FDC) and supplies some new empirical evidence in its favour. The financial development conjecture, namely, that there exist strong feedback effects between real and financial development, is described in this paper by use...

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

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 associated with lower GDP growth. We show that this relationship does not hold for all countries, but depends on a country’s financial development and political institutions. Public...

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

A Global View of Cross-Border Migration

di Giovanni, Julian; Levchenko, Andrei A.; Ortega, Francesc - C.E.P.R. Discussion Papers - 2014

difference, international trade, remittances, and a heterogeneous workforce. We compare welfare under the observed levels of … flows -- such as Jamaica or El Salvador -- are also better off due to migration, but for a different reason: remittances … about 10% in countries with large incoming remittances. Our results are robust to accounting for imperfect transferability …

Persistent link: https://www.econbiz.de/10011083627

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

The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries

Degryse, Hans; Lambert, Thomas; Schwienbacher, Armin - C.E.P.R. Discussion Papers - 2013

Initially, voting rights were limited to wealthy elites providing political support for stock markets. The franchise expansion induces the median voter to provide political support for banking development as this new electorate has lower financial holdings and benefits less from the uncertainty...

Persistent link: https://www.econbiz.de/10011084251

Financial Development and Growth in Direct Firm-Level Comparisons

Bena, Jan; Jurajda, Stepan - C.E.P.R. Discussion Papers - 2007

The establishment of the EU-15 `single market' in 1993 brought about a high degree of similarity in firms' growth opportunities across countries, while substantial diversity existed in the development of national financial markets. We compare within-industry growth rates of similar...

Persistent link: https://www.econbiz.de/10005067356

Which Firms Benefit More from Financial Development?

Bena, Jan; Jurajda, Stepan - C.E.P.R. Discussion Papers - 2007

We test whether more developed financial systems are better at tackling asymmetric information proxied by firm age and size. Comparing the growth effect of financial development (FD) across firms of different type, we find that FD disproportionately fosters the growth of young companies, while...

Persistent link: https://www.econbiz.de/10005067499