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This paper examines how financial development affects the sources of growth-productivity and investment-using a sample of 145 countries for the period 1960-2011. We employ a range of econometric approaches, focusing on the CCA and MENA countries. The analysis looks beyond financial depth to...
Persistent link: https://www.econbiz.de/10012950363
credit growth supports GDP growth while saving is irrelevant for credit growth and GDP growth. In sum, a correct … misrepresentation of the role of banks and liquidity creation and the role of household saving. After a critical discussion of the …
Persistent link: https://www.econbiz.de/10013207024
credit growth supports GDP growth while saving is irrelevant for credit growth and GDP growth. In sum, a correct … misrepresentation of the role of banks and liquidity creation and the role of household saving. After a critical discussion of the …
Persistent link: https://www.econbiz.de/10013201693
This paper contributes to the empirical literature on the non-trivial relationship between financial development and economic growth. Based on panel data from 98 developed and developing countries, we show that for smooth economic development, balanced growth of both the industrial and financial...
Persistent link: https://www.econbiz.de/10013008316
In this paper we examined the impact of the liberalization of financial sector on growth in small open economy of Ghana using time series data from 1970 to 2007. Using autoregressive distributed lag (ARDL) modelling approach we find long-run positive and significant impact of financial...
Persistent link: https://www.econbiz.de/10014210241
This paper examines the current situation concerning financial inclusion and financial literacy in Kazakhstan and future prospects. Since 2000, the financial sector has been developing rapidly, driven by petrodollars, which has led to higher financial inclusion. However, the improvement in...
Persistent link: https://www.econbiz.de/10011913465
Banks (but not stock markets) promote economic growth by facilitating relationship-specific investment between buyers and suppliers of intermediate goods. Combined insights from literature on signaling role of banks and on relationship-specific investment motivate this economic channel: A...
Persistent link: https://www.econbiz.de/10013037905
An influential strand of literature starting with the Nobel Prize winning work of Oliver Williamson (1971, 1975) argues that a rational agent underinvests in relationship-specific assets due to the possibility of an opportunistic behaviour on the part of her contractual partner. We first combine...
Persistent link: https://www.econbiz.de/10013133692
country's own macroeconomic fundamentals. SMEs, in particular, remain severely credit constrained, and data to inform better …
Persistent link: https://www.econbiz.de/10012922629
Existing literature sees opportunistic behaviour of contractual partners as the main reason why rational agents underinvest in relationship-specific assets. We look beyond this well-know holdup problem and argue that financial vulnerability and short-term planning horizon can also lead to such...
Persistent link: https://www.econbiz.de/10009010059