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A sensitivity analysis of cross-country growth regressions

[PDF] from wisc.edu
R Levine… - The American Economic Review, 1992 - JSTOR
A vast literature uses cross-country regressions to search for empirical linkages between
long-run growth rates and a variety of economic policy, political, and institutional indicators.
This paper examines whether the conclusions from existing studies are robust or fragile to ...
Cited by 5060 - Related articles - All 22 versions

Finance and growth: Schumpeter might be right

[PDF] from oxfordjournals.org
RG King… - The Quarterly Journal of Economics, 1993 - qje.oxfordjournals.org
Abstract We present cross-country evidence consistent with Schumpeter's view that the
financial system can promote economic growth, using data on 80 countries over the 1960–
1989 period. Various measures of the level of financial development are strongly ...
Cited by 4260 - Related articles - BL Direct - All 21 versions

Financial development and economic growth: views and agenda

[PDF] from iset.ge
R Levine - Journal of economic literature, 1997 - JSTOR
ECONOMISTS HOLD startlingly different opinions regarding the importance of the financial
system for economic growth. Walter Bagehot (1873) and John Hicks (1969) argue that it
played a critical role in igniting industrialization in England by facilitating the mobilization ...
Cited by 4049 - Related articles - BL Direct - All 44 versions

Africa's growth tragedy: policies and ethnic divisions

[PDF] from oxfordjournals.org
W Easterly… - The Quarterly Journal of Economics, 1997 - qje.oxfordjournals.org
Abstract Explaining cross-country differences in growth rates requires not only an
understanding of the link between growth and public policies, but also an understanding of
why countries choose different public policies. This paper shows that ethnic diversity helps ...
Cited by 3294 - Related articles - BL Direct - All 59 versions

Stock markets, banks, and economic growth

[PDF] from isid.ac.in
R Levine… - American economic review, 1998 - JSTOR
Do well-functioning stock markets and banks promote long-run economic growth? This
paper shows that stock market liquidity and banking development both positively predict
growth, capital accumulation, and productivity improvements when entered together in ...
Cited by 2851 - Related articles - BL Direct - All 31 versions

[PDF] Financial intermediation and growth: Causality and causes

[PDF] from uzh.ch
R Levine, N Loayza… - Journal of monetary Economics, 2000 - nccr-finrisk.uzh.ch
Abstract This paper evaluates (1) whether the exogenous component of" nancial
intermediary development in# uences economic growth and (2) whether cross-country di!
erences in legal and accounting systems (eg, creditor rights, contract enforcement, and ...
Cited by 2128 - Related articles - View as HTML - All 32 versions

Finance, entrepreneurship and growth

[PDF] from brown.edu
RG King… - Journal of Monetary economics, 1993 - Elsevier
Abstract How do financial systems affect economic growth? We construct an endogenous
growth model in which financial systems evaluate prospective entrepreneurs, mobilize
savings to finance the most promising productivity-enhancing activities, diversify the risks ...
Cited by 2122 - Related articles - All 10 versions

Finance and the Sources of Growth

[PDF] from lixin.edu.cn
T Beck, R Levine… - Journal of financial economics, 2000 - Elsevier
This paper evaluates the empirical relation between the level of financial intermediary
development and (i) economic growth,(ii) total factor productivity growth,(iii) physical capital
accumulation, and (iv) private savings rates. We use (a) a pure cross-country instrumental ...
Cited by 1934 - Related articles - BL Direct - All 48 versions

Finance and growth: Theory and evidence

[PDF] from itam.mx
R Levine - Handbook of economic growth, 2005 - Elsevier
Abstract This paper reviews, appraises, and critiques theoretical and empirical research on
the connections between the operation of the financial system and economic growth. While
subject to ample qualifications and countervailing views, the preponderance of evidence ...
Cited by 1725 - Related articles - BL Direct - All 45 versions

A new database on the structure and development of the financial sector

[PDF] from worldbank.org
T Beck, A Demirgüç-Kunt… - The World Bank Economic …, 2000 - World Bank
Abstract This article introduces a new database of indicators of financial structure and
financial development across countries and over time. The database is unique in that it
combines a wide variety of indicators that measure the size, activity, and efficiency of ...
Cited by 1648 - Related articles - BL Direct - All 29 versions

Tropics, germs, and crops: how endowments influence economic development

[PDF] from univ-paris1.fr
W Easterly… - Journal of monetary economics, 2003 - Elsevier
Does economic development depend on geographic endowments like temperate instead of
tropical location, the ecological conditions shaping diseases, or an environment good for
grains or certain cash crops? Or do these endowments of tropics, germs, and crops affect ...
Cited by 1391 - Related articles - BL Direct - All 58 versions

Bank regulation and supervision: what works best?

[PDF] from ucsd.edu
JR Barth, G Caprio… - Journal of Financial intermediation, 2004 - Elsevier
This paper uses our new database on bank regulation and supervision in 107 countries to
assess the relationship between specific regulatory and supervisory practices and banking-
sector development, efficiency, and fragility. The paper examines:(i) regulatory restrictions ...
Cited by 1191 - Related articles - BL Direct - All 78 versions

What have we learned from a decade of empirical research on growth? It's Not Factor Accumulation: Stylized Facts and Growth Models

[PDF] from jvi.org
W Easterly… - The World Bank Economic Review, 2001 - World Bank
Abstract The article documents five stylized facts of economic growth.(1) The “residual”(total
factor productivity, tfp) rather than factor accumulation accounts for most of the income and
growth differences across countries.(2) Income diverges over the long run.(3) Factor ...
Cited by 1166 - Related articles - BL Direct - All 55 versions

Law, finance, and economic growth

[PDF] from psu.edu
R Levine - Journal of financial Intermediation, 1999 - Elsevier
This paper examines how the legal environment affects financial development, and then
asks how this in turn is linked to long-run economic growth. Financial intermediaries are
better developed in countries with legal and regulatory systems that (1) give a high priority ...
Cited by 780 - Related articles - BL Direct - All 12 versions

New data, new doubts: A comment on Burnside and Dollar's" aid, policies, and growth"(2000)

[PDF] from queensu.ca
W Easterly, R Levine… - 2003 - nber.org
The Burnside and Dollar (2000, AER) finding that aid raises growth in a good policy
environment has had an important influence on policy and academic debates. We conduct a
data gathering exercise that updates their data from 1970-93 to 1970-97, as well as filling ...
Cited by 730 - Related articles - BL Direct - All 30 versions

Bank-based or market-based financial systems: Which is better?

[PDF] from umich.edu
R Levine - 2002 - nber.org
For over a century, economists and policy makers have debated the relative merits of bank-
based versus market-based financial systems. Recent research, however, argues that
classifying countries as bank-based or market is not a very fruitful way to distinguish ...
Cited by 709 - Related articles - BL Direct - All 41 versions

The legal environment, banks, and long-run economic growth

[PDF] from thefinanceworks.net
R Levine - Journal of Money, Credit and Banking, 1998 - JSTOR
This paper examines the relationship between the legal system and banking development
and traces this connection through to long-run rates of per capita GDP growth, capital stock
growth, and productivity growth. The data indicate that countries where the legal system (1 ...
Cited by 685 - Related articles - BL Direct - All 22 versions

Does foreign direct investment accelerate economic growth

[PDF] from acp-eu-trade.org
M Carkovic… - Does foreign direct investment promote …, 2005 - books.google.com
With commercial bank lending to developing economies drying up in the 1980s, most
countries eased restrictions on foreign direct investment (FDI) and many aggressively
offered tax incentives and subsidies to attract foreign capital (Aitken and Harrison 1999; ...
Cited by 654 - Related articles - All 10 versions

Stock markets, banks, and growth: Panel evidence

[PDF] from psu.edu
T Beck… - Journal of Banking & Finance, 2004 - Elsevier
This paper investigates the impact of stock markets and banks on economic growth using a
panel data set for the period 1976–1998 and applying recent generalized-method-of
moments techniques developed for dynamic panels. On balance, we find that stock ...
Cited by 627 - Related articles - BL Direct - All 28 versions

[BOOK] The regulation and supervision of banks around the world: A new database

[HTML] from google.com
JR Barth, G Caprio… - 2001 - books.google.com
Policy Research Working Paper 2588 Summary findings International consultants on bank regulation
and supervision for developing countries often base their advice on how their home country does
things, for lack of information on practice in other countries. Recommendations for reform ...
Cited by 601 - Related articles - All 34 versions

[BOOK] Bank-based and market-based financial systems: Cross-country comparisons

[HTML] from google.com
A Demirgüç-Kunt… - 1999 - books.google.com
Policy Research Working Paper 2143 Summary findings What are the relative advantages and
disadvantages of bank-based financial systems (as in Germany and Japan) and market-based
financial systems (as in England and the United States). Does financial structure matter? ...
Cited by 600 - Related articles - BL Direct - All 27 versions

Stock market development and long-run growth

[PDF] from worldbank.org
R Levine… - The World Bank Economic Review, 1996 - World Bank
Abstract Is the financial system important for economic growth? One line of research argues
that it is not; another line stresses the importance of the financial system in mobilizing
savings, allocating capital, exerting corporate control, and easing risk management. ...
Cited by 582 - Related articles - All 33 versions

[BOOK] Rethinking bank regulation: till angels govern

[PDF] from cato.org
JR Barth, G Caprio… - 2008 - books.google.com
This volume assembles and presents a new database on bank regulation in over 150
countries (included also on CD). It offers the first comprehensive cross-country assessment
of the impact of bank regulation on the operation of banks, and assesses the validity of the ...
Cited by 581 - Related articles - All 22 versions

[BOOK] Stock markets, growth, and policy

[HTML] from google.com
R Levine - 1990 - books.google.com
The Policy, Research, and External Affairs Complex distributes PRE Working Papers to
disseminate the findings of work in progress and to encourage the exchange of ideas
among Bank staff and all others interested in development issues. Ti. c^ papers cany the ...
Cited by 575 - Related articles - All 14 versions

Industry growth and capital allocation:: does having a market-or bank-based system matter?

[PDF] from tilburguniversity.edu
T Beck… - Journal of Financial Economics, 2002 - Elsevier
Are market-based or bank-based financial systems better at financing the expansion of
industries that depend heavily on external finance, facilitating the formation of new
establishments, and improving the efficiency of capital allocation across industries? We ...
Cited by 579 - Related articles - BL Direct - All 35 versions

[PDF] Banking systems around the globe: Do regulation and ownership affect performance and stability?

[PDF] from nber.org
JR Barth, G Caprio Jr… - 2001 - nber.org
Financial systems in countries throughout the world range from fairly rudimentary to quite
sophisticated and from extremely fragile to relatively stable. A growing number of studies
provide empirical evidence that wellfunctioning financial systems accelerate long-run ...
Cited by 532 - Related articles - View as HTML - BL Direct - All 31 versions

Law, endowments, and finance

[PDF] from brown.edu
T Beck, A Demirgüç-Kunt… - Journal of Financial Economics, 2003 - Elsevier
Using a sample of 70 former colonies, this paper assesses two theories regarding the
historical determinants of financial development. The law and finance theory holds that legal
traditions, brought by colonizers, differ in terms of protecting the rights of private investors ...
Cited by 521 - Related articles - BL Direct - All 27 versions

Law and finance: why does legal origin matter?

[PDF] from worldbank.org
T Beck, A Demirguc-Kunt… - 2002 - nber.org
New research suggests that cross-country differences in legal origin help explain differences
in financial development. This paper empirically assesses two theories of why legal origin
influences financial development. First, the political'channel stresses that (i) legal ...
Cited by 520 - Related articles - BL Direct - All 36 versions

Stock market development and financial intermediaries: Stylized facts

A Demirgüç-Kunt… - The World Bank Economic Review, 1996 - World Bank
Abstract World stock markets are booming, and emerging stock markets account for a
disproportionate share of this growth. Yet economists lack a common concept or measure of
stock market development. This article collects and compares a broad array of indicators ...
Cited by 523 - Related articles - BL Direct - All 15 versions

[BOOK] Financial structure and economic growth: A cross-country comparison of banks, markets, and development

A Demirgüç-Kunt… - 2004 - books.google.com
This is the first broad cross-country assessment of the ties between financial structure—the
mix of financial instruments, institutions, and markets in a given economy—and economic
growth since Raymond Goldsmith's 1969 landmark study. Most studies focus on ...
Cited by 512 - Related articles - All 6 versions

Regulations, market structure, institutions, and the cost of financial intermediation

[PDF] from brown.edu
A Demirguc-Kunt, L Laeven… - 2003 - nber.org
This paper examines the impact of bank regulations, market structure, and national
institutions on bank net interest margins and overhead costs using data on over 1,400 banks
across 72 countries while controlling for bank-specific characteristics. The data indicate ...
Cited by 416 - Related articles - BL Direct - All 29 versions

International financial integration and economic growth

[PDF] from psu.edu
HJ Edison, R Levine, L Ricci… - 2002 - nber.org
This paper uses new data and new econometric techniques to investigate the impact of
international financial integration on economic growth and also to assess whether this
relationship depends on the level of economic development, financial development, legal ...
Cited by 417 - Related articles - BL Direct - All 29 versions

Finance, inequality, and poverty: cross-country evidence

[PDF] from frb.org
T Beck, A Demirguc-Kunt… - 2004 - nber.org
While substantial research finds that financial development boosts overall economic growth,
we study whether financial development disproportionately raises the incomes of the poor
and alleviates poverty. Using a broad cross-country sample, we distinguish among ...
Cited by 419 - Related articles - BL Direct - All 43 versions

Capital fundamentalism, economic development, and economic growth

RG King… - Carnegie-Rochester Conference Series on Public …, 1994 - Elsevier
Abstract This paper critically evaluates the roles of investment and physical capital
accumulation in economic growth and development. Should a modern version of capital
fundamentalism—where capital and investment are viewed as the primary determinants of ...
Cited by 389 - Related articles - All 10 versions

[PDF] Foreign banks, financial development, and economic growth

[PDF] from brown.edu
R Levine - International financial markets: Harmonization versus …, 1996 - econ.brown.edu
Can foreign banks play an important role in the economic growth of developing countries?
This question asks two things: Does a country's level of financial development play an
important role in determining the rate of economic growth, and does liberalizing ...
Cited by 384 - Related articles - All 2 versions

The impact of inflation on financial sector performance

[PDF] from psu.edu
JH Boyd, R Levine… - Journal of Monetary Economics, 2001 - Elsevier
A growing theoretical literature describes mechanisms whereby even predictable increases
in the rate of inflation interfere with the ability of the financial sector to allocate resources
effectively. This paper empirically assesses these predictions. The evidence indicates that ...
Cited by 381 - Related articles - All 12 versions

Legal institutions and financial development

[PDF] from unl.pt
T Beck… - Handbook of new institutional economics, 2005 - Springer
A burgeoning literature finds that financial development exerts a first-order impact on long-
run economic growth. Levine and Zervos (1998) show that banking and stock market
development are good predictors of economic growth. 1 At the microeconomic level, ...
Cited by 369 - Related articles - BL Direct - All 50 versions

What we have learned about policy and growth from cross-country regressions?

[PDF] from uw.edu.pl
R Levine… - The American Economic Review, 1993 - JSTOR
Economists have been seeking to comprehend why some countries are rich and others poor
for well over 200 years. A better understanding of the national policies associated with long-
run growth would both contribute to our ability to explain cross country differences in per ...
Cited by 336 - Related articles - BL Direct - All 10 versions

Bank concentration, competition, and crises: First results

[PDF] from worldbank.org
T Beck, A Demirgüç-Kunt… - Journal of Banking & Finance, 2006 - Elsevier
Motivated by public policy debates about bank consolidation and conflicting theoretical
predictions about the relationship between bank concentration, bank competition and
banking system fragility, this paper studies the impact of national bank concentration, bank ...
Cited by 331 - Related articles - All 21 versions

International financial liberalization and economic growth

[PDF] from psu.edu
R Levine - Review of international Economics, 2001 - Wiley Online Library
This paper pulls together existing theory and evidence to assess whether international
financial liberalization, by improving the functioning of domestic financial markets and
banks, accelerates economic growth. The analysis suggests that the answer is “yes.” First, ...
Cited by 300 - Related articles - BL Direct - All 18 versions

Bank governance, regulation and risk taking

[PDF] from umd.edu
L Laeven… - Journal of Financial Economics, 2009 - Elsevier
This paper conducts the first empirical assessment of theories concerning risk taking by
banks, their ownership structures, and national bank regulations. We focus on conflicts
between bank managers and owners over risk, and we show that bank risk taking varies ...
Cited by 296 - Related articles - BL Direct - All 32 versions

Capital control liberalization and stock market development*

[PDF] from psu.edu
R Levine… - World Development, 1998 - Elsevier
This paper addresses two questions. First and foremost, what happened to stock market
size, liquidity, volatility, and international integration following capital control liberalization in
16 emerging market economies? Second, what is the empirical relationship between ...
Cited by 287 - Related articles - BL Direct - All 20 versions

Financial intermediation and economic development

RG King… - Capital markets and financial …, 1993 - books.google.com
How important are financial markets to the construction of a European economic system
which fosters growth, development and international trade? The traditional view is that
financial markets are simply the'handmaiden of industry', but recent economic research ...
Cited by 280 - Related articles - All 2 versions

Stock markets, corporate finance, and economic growth: An overview

[HTML] from worldbank.org
A Demirgüç-Kunt… - The World Bank Economic Review, 1996 - JSTOR
World stock markets are booming, and emerging markets compose a disproportionately
large amount of this boom. Over the past ten years, world stock market capitalization rose
from $4.7 trillion to $15.2 trillion, and emerging market capitalization jumped from less ...
Cited by 274 - Related articles - All 11 versions

Is there a diversification discount in financial conglomerates?

[PDF] from worldbank.org
L Laeven… - Journal of Financial Economics, 2007 - Elsevier
This paper investigates whether the diversity of activities conducted by financial institutions
influences their market valuations. We find that there is a diversification discount: The market
values of financial conglomerates that engage in multiple activities, eg, lending and non- ...
Cited by 268 - Related articles - BL Direct - All 28 versions

Governance and bank valuation

[PDF] from brown.edu
G Caprio, L Laeven… - Journal of Financial Intermediation, 2007 - Elsevier
This paper assesses the impact of the ownership structure of banks and shareholder
protection laws on bank valuations while controlling for differences in bank regulations.
Except in a few countries with very strong shareholder protection laws, banks are not ...
Cited by 244 - Related articles - BL Direct - All 42 versions

Bank concentration and competition: An evolution in the making

[PDF] from bupedu.com
AN Berger, A Demirgüç-Kunt, R Levine… - Journal of Money, Credit …, 2004 - JSTOR
The consolidation of banks around the world in recent years is intensifying public policy
debates on the influences of concentration and competition on the performance of banks. In
light of these developments, this paper first reviews the existing literature on the impact of ...
Cited by 231 - Related articles - BL Direct - All 13 versions

[PDF] More on finance and growth: more finance, more growth?

[PDF] from stlouisfed.org
R Levine - REVIEW-FEDERAL RESERVE BANK OF SAINT …, 2003 - research.stlouisfed.org
Some do not even consider finance worth discussing. A collection of essays by the “pioneers
of development economics”—including three winners of the Nobel Prize in Economics—
does not discuss finance (Meier and Seers, 1984). At the other extreme, Nobel Prize ...
Cited by 202 - Related articles - View as HTML - BL Direct - All 25 versions

Finance, firm size, and growth

[PDF] from efmaefm.org
T Beck, A DEMIRGUC‐KUNT… - Journal of Money, …, 2008 - Wiley Online Library
Thorsten Beck is a Senior Economist, Development Research Group, World Bank (E-mail:
tbeck@worldbank.org). ... Asli Demirguc-Kunt is a Senior Research Manager, Development
Research Group, World Bank (E-mail: ademirguckunt@worldbank.org).
Cited by 201 - Related articles - All 41 versions

SMEs, growth, and poverty: cross-country evidence

[PDF] from sarpn.org
T Beck, A Demirguc-Kunt… - Journal of Economic Growth, 2005 - Springer
This paper explores the relationship between the relative size of the Small and Medium
Enterprise (SME) sector, economic growth, and poverty alleviation using a new database on
the share of SME labor in the total manufacturing labor force. Using a sample of 45 ...
Cited by 199 - Related articles - BL Direct - All 29 versions

Law, endowments, and property rights

[PDF] from nvcc.edu
R Levine - 2005 - nber.org
ABSTRACT While scholars have hypothesized about the sources of variation in property
rights for over 2500 years, it is only very recently that researchers have begun to test these
theories empirically. This paper reviews both the theory and empirical evidence ...
Cited by 183 - Related articles - BL Direct - All 25 versions

[PDF] Bank-based or market-based financial systems: Which is better?

[PDF] from psu.edu
R Levine - Journal of Financial Economics, 2000 - Citeseer
Abstract: For over a century, economists and policy makers have debated the relative merits
of bankbased versus market-based financial systems. Recent research, however, argues
that classifying countries as bank-based or market is not a very fruitful way to distinguish ...
Cited by 183 - Related articles - View as HTML - All 16 versions

The corporate governance of banks: A concise discussion of concepts and evidence

[PDF] from worldbank.org
R Levine - World Bank Policy Research Working Paper No. 3404, 2004 - papers.ssrn.com
Abstract: Levine examines the corporate governance of banks. When banks efficiently
mobilize and allocate funds, this lowers the cost of capital to firms, boosts capital formation,
and stimulates productivity growth. So, weak governance of banks reverberates ...
Cited by 173 - Related articles - All 13 versions

Bank supervision and corruption in lending

[PDF] from nazwa.pl
T Beck, A Demirgüç-Kunt… - Journal of Monetary Economics, 2006 - Elsevier
Which commercial bank supervisory policies ease—or intensify—the degree to which bank
corruption is an obstacle to firms raising external finance? Based on new data from more
than 2500 firms across 37 countries, this paper provides the first empirical assessment of ...
Cited by 156 - Related articles - BL Direct - All 25 versions

[BOOK] Financial intermediation and growth: causality and causes

[PDF] from umn.edu
R Levine, N Loayza, T Beck… - 1999 - csom.umn.edu
Abstract: This paper evaluates (1) whether the exogenous component of financial
intermediary development influences economic growth and (2) whether cross-country
differences in legal and accounting systems (eg, creditor rights, contract enforcement, and ...
Cited by 154 - Related articles - View as HTML - BL Direct - All 29 versions

Bank concentration and crises

[PDF] from worldbank.org
T Beck, A Demirguc-Kunt… - 2003 - nber.org
Motivated by public policy debates about bank consolidation and conflicting theoretical
predictions about the relationship between the market structure of the banking industry and
bank fragility, this paper studies the impact of bank concentration, bank regulations, and ...
Cited by 151 - Related articles - BL Direct - All 29 versions

[PDF] Financial institutions and markets across countries and over time-data and analysis

[PDF] from worldbank.org
T Beck, A Demirguc-Kunt… - 2009 - siteresources.worldbank.org
Abstract: This paper introduces the updated and expanded version of the Financial
Development and Structure Database and presents recent trends in structure and
development of financial institutions and markets across countries. We add indicators on ...
Cited by 162 - Related articles - All 13 versions

[PDF] Opening to foreign banks: Issues of stability, efficiency, and growth

[PDF] from brown.edu
A Demirgüç-Kunt, R Levine… - The implications of …, 1998 - econ.brown.edu
This paper evaluates whether fordgn bank activity (i) increases the likelihood of suffering a
banking crisis,(ii) improves the efficiency of domestic banks, and (Hi) accelerates long-run
economie growth. Using bank-level data across a broad cross-section of countiies, we find ...
Cited by 141 - Related articles - All 3 versions

New data, new doubts: revisiting'aid, policies, and growth'

[PDF] from ethz.ch
W Easterly, R Levine… - Center for Global …, 2003 - papers.ssrn.com
Abstract: The Burnside and Dollar (2000) finding that aid raises growth in a good policy
environment has had an important influence on policy and academic debates. We conduct a
data gathering exercise that updates their data from 1970-93 to 1970-97, as well as filling ...
Cited by 140 - Related articles - BL Direct - All 21 versions

[BOOK] Financial indicators and growth in a cross section of countries

[HTML] from google.com
RG King… - 1992 - books.google.com
Economists have long debated the nature and empirical importance of the relationship
between financial systems and economic development. Financial institutions such as central
banks, banks, mutual funds, investment banks, and brokerage houses use a variety of ...
Cited by 136 - Related articles - All 10 versions

Financial regulation and performance: cross-country evidence

[PDF] from bcentral.cl
J Barth, G Caprio… - World Bank Policy Research …, 1998 - papers.ssrn.com
Abstract: Those who believe stricter restrictions on allowable bank activities will limit risk-
taking behavior may be surprised to learn that in countries where bank activities are
restricted, the likelihood of a banking crisis may be greater.
Cited by 134 - Related articles - BL Direct - All 25 versions

Law and firms' access to finance

[PDF] from tilburguniversity.edu
T Beck, A Demirguc-Kunt… - 2004 - nber.org
This paper contributes to the literature on how a country's legal origin influences the
operation of its financial system by using firm-level survey data on the obstacles that firms
face in raising external finance. The paper assesses two channels through which legal ...
Cited by 126 - Related articles - BL Direct - All 35 versions

Cross-country studies of growth and policy: methodological, conceptual, and statistical problems

R Levine… - Policy Research Working Paper Series, 1991 - ideas.repec.org
This paper reviews the conceptual, methodological, and statistical problems associated with
drawing inferences from cross-country regressions. The authors elaborate on the particular
problems associated with empirical attempts to link particular policies with long-run growth ...
Cited by 126 - Related articles - Cached - All 7 versions

Law, politics, and finance

[PDF] from worldbank.org
T Beck, A Demirgüç-Kunt… - World Bank Policy Research …, 2001 - papers.ssrn.com
Abstract: A country's legal origin-whether British, French, German, or Scandinavian-helps
explain the development of its financial institutions today. Legal systems differ in their ability
to facilitate private exchanges and to adapt to support new financial and commercial ...
Cited by 124 - Related articles - All 19 versions

[PDF] It's not factor accumulation: Stylized facts and growth models

[PDF] from bcentral.cl
W Easterly… - Central Bank of Chile Working Papers, 2002 - bcentral.cl
Abstract We document five stylized facts of economic growth.(1) The “residual” rather than
factor accumulation accounts for most of the income and growth differences across
nations.(2) Income diverges over the long run.(3) Factor accumulation is persistent while ...
Cited by 121 - Related articles - All 19 versions

Troubles with the neighbours: Africa's problem, Africa's opportunity

[PDF] from brown.edu
W Easterly… - Journal of African Economies, 1998 - CSAE
Abstract There is systematic contagion across national borders. Favourable or unfavourable
growth performance of one's neighbours tends to influence one's own long-run growth rate.
Policy choices are also contagious across borders. While improving policies alone boosts ...
Cited by 120 - Related articles - BL Direct - All 9 versions

Internationalization and the evolution of corporate valuation

[PDF] from watsoninstitute.org
JC Gozzi, R Levine… - Journal of Financial Economics, 2008 - Elsevier
By documenting the evolution of Tobin's q before, during, and after firms internationalize, this
paper provides evidence on the bonding, segmentation, and market-timing theories of
internationalization. We find that Tobin's q does not rise after internationalization, even ...
Cited by 110 - Related articles - All 60 versions

Africa's growth tragedy: a retrospective, 1960-89

W Easterly… - 1995 - ideas.repec.org
Africa's economic history since 1960 fits the classical definition of tragedy: potential
unfulfilled with disastrous consequences. The authors use one mehthodology-cross-country
regressions-to account for sub-Saharan Africa's growth performance over the past 30 ...
Cited by 104 - Related articles - Cached - BL Direct - All 7 versions

Internationalization and stock market liquidity

[PDF] from brown.edu
R Levine… - Review of Finance, 2006 - rof.oxfordjournals.org
Abstract What is the impact of internationalization (firms raising capital and trading in
international markets) on the liquidity of the remaining firms in domestic markets? To
address this question, we assemble a panel database of nearly 2,900 firms from 45 ...
Cited by 102 - Related articles - BL Direct - All 22 versions

Complex ownership structures and corporate valuations

[PDF] from bcrp.gob.pe
L Laeven… - Review of Financial Studies, 2008 - Soc Financial Studies
Abstract The bulk of corporate governance theory examines the agency problems that arise
from two extreme ownership structures: 100% small shareholders or one large, controlling
owner combined with small shareholders. In this paper, we question the empirical validity ...
Cited by 110 - Related articles - BL Direct - All 27 versions

[BOOK] Stock markets, banks, and growth: correlation or causality?

[HTML] from google.com
T Beck… - 2001 - books.google.com
Analysis of a panel data set for 1976-98 shows that on balance stock markets and banks
positively influence economic growth; findings that do not result from biases induced by
simultaneity, omitted variables, or unobserved country-specific effects.
Cited by 100 - Related articles - All 13 versions

Looking at the facts: what we know about policy and growth from cross-country analysis

R Levine… - Policy Research Working Paper Series, 1993 - ideas.repec.org
What has the profession learned from cross-country regressions about the links between
long-run growth and indicators of fiscal, monetary, trade, financial, and exchange-rate
policies? The authors find that: indicators of financial development are strongly associated ...
Cited by 98 - Related articles - Cached - All 7 versions

[PDF] Corporate governance in finance: Concepts and international observations

[PDF] from worldbank.org
G Caprio… - … : The Roles of the Public and …, 2002 - siteresources.worldbank.org
Abstract Using standard theories of corporate governance, this paper highlights the special
problems facing corporate governance of financial intermediaries and combines this
theoretical perspective with international observations to make policy recommendations. ...
Cited by 97 - Related articles - View as HTML - All 6 versions

Policy, technology adoption, and growth

W Easterly, R King, R Levine… - 1994 - nber.org
This paper describes a simple model of technology adoption which combines the two
engines of growth emphasized in the recent growth literature: human capital accumulation
and technological progress. Our model economy does not create new technologies, it ...
Cited by 97 - Related articles - BL Direct - All 11 versions

Bank Regulations are Changing: For Better or Worse&quest

[PDF] from williams.edu
JR Barth, G Caprio… - Comparative Economic …, 2008 - palgrave-journals.com
Abstract This paper presents new and official survey information on bank regulations in 142
countries and makes comparisons with two earlier surveys. The data do not suggest that
countries have primarily reformed their bank regulations for the better over the last decade ...
Cited by 98 - Related articles - All 32 versions

[PDF] Stock markets: a spur to economic growth

[PDF] from brown.edu
R Levine - Finance and Development, 1996 - econ.brown.edu
World stock markets are booming and stock markets in developing countries account for a
disproportionately large share of this boom. Investors are venturing into the world's newest
markets and some are seeing handsome returns. But are developing countries ...
Cited by 81 - Related articles - BL Direct - All 7 versions

Finance, financial sector policies, and long-run growth

[PDF] from worldbank.org
A Demirgüç-Kunt… - World Bank Policy Research …, 2008 - papers.ssrn.com
Abstract: The first part of this paper reviews the literature on the relation between finance
and growth. The second part of the paper reviews the literature on the historical and policy
determinants of financial development. Governments play a central role in shaping the ...
Cited by 72 - Related articles - All 20 versions

[BOOK] Denying foreign bank entry: implications for bank interest margins

[PDF] from bcentral.cl
R Levine… - 2003 - bcentral.cl
Abstract This paper examines the impact of restricting foreign bank entry on bank net interest
margins while controlling for (a) impediments to domestic bank entry,(b) the degree of
foreign bank ownership of the domestic banking industry,(c) an array of bank-specific ...
Cited by 65 - Related articles - All 13 versions

Bank supervision and corporate finance

[PDF] from worldbank.org
T Beck, A Demirguc-Kunt… - 2003 - nber.org
We examine the impact of bank supervision on the financing obstacles faced by almost
5,000 corporations across 49 countries. We find that firms in countries with strong official
supervisory agencies that directly monitor banks tend to face greater financing obstacles. ...
Cited by 61 - Related articles - BL Direct - All 28 versions

Legal theories of financial development

[PDF] from brown.edu
T Beck, A Demirgüç‐Kunt… - Oxford Review of Economic …, 2001 - Oxford Univ Press
Abstract This paper examines legal theories of international differences in financial
development. The law and finance theory stresses that legal traditions differ in terms of (i)
their emphasis on the rights of private property owners vis‐à‐vis the state and (ii) their ...
Cited by 59 - Related articles - BL Direct - All 19 versions

Reforming finance in transitional socialist economies

[PDF] from worldbank.org
G Caprio Jr… - The World Bank Research Observer, 1994 - World Bank
Abstract Financial reforms initiated in most transitional socialist economies do not yet
adequately provide many of the financial services associated with market-oriented financial
systems. Such services—mobilizing resources, selecting firms and allocating capital, ...
Cited by 59 - Related articles - BL Direct - All 8 versions

Migration, spillovers, and trade diversion: The impact of internationalization on domestic stock market activity

[PDF] from worldbank.org
R Levine… - Journal of Banking & Finance, 2007 - Elsevier
This paper studies the relation between internationalization (firms cross-listing, issuing
depositary receipts, or raising capital in international stock markets) and the trading activity
of the remaining firms in domestic markets. Using a panel of 3000 firms from 55 emerging ...
Cited by 59 - Related articles - All 15 versions

[BOOK] New firm formation and industry growth: Does having a market-or bank-based system matter?

[PDF] from ystp.ac.ir
T Beck… - 2000 - papers.ssrn.com
Abstract: Do industries that depend heavily on external finance grow faster in market-based
or bank-based financial systems? Are new firms more likely to form in a bank-based or a
market-based financial system? Beck and Levine find no evidence for the superiority of ...
Cited by 59 - Related articles - All 23 versions

[BOOK] The impact of bank regulations, concentration, and institutions on bank margins

[HTML] from google.com
A Demirgüç-Kunt, L Laeven… - 2003 - books.google.com
Abstract This paper examines the impact of bank regulations, concentration, inflation, and
national institutions on bank net interest margins using data from over 1,400 banks across
72 countries while controlling for bankspecific characteristics. The data indicate that tighter ...
Cited by 57 - Related articles - All 17 versions

[CITATION] Foreign Bank Entry and Capital Control Liberalization: Effects on Growth and Stability

R Levine - University of Minnesota, mimeo, 1999
Cited by 45 - Related articles

[BOOK] Financial structures and economic development

[HTML] from google.com
R Levine - 1992 - books.google.com
TABLE OF CONTENTS I. Non-Technical Summary Page A. Motivation 1 B. The Literature and
This Paper's Contribution 2 C. Intuition Underlying the Model 3 D. Policy and Empirical
Predictions* 7 II. The Model 10 A. Preferences and Endowments 10 B. Technology 11 C. ...
Cited by 44 - Related articles - BL Direct - All 8 versions

[BOOK] Inflation and financial market performance

[PDF] from clevelandfed.org
JH Boyd, R Levine, BD Smith… - 1996 - clevelandfed.org
Many researchers, employing many different methodologies, have documented an
extremely strong positive correlation between measures of financial market development
and real economic performance. On average, countries with well-developed financial ...
Cited by 43 - Related articles - View as HTML - All 24 versions

[BOOK] Small and medium enterprises, growth, and poverty: cross-country evidence

[HTML] from google.com
T Beck… - 2003 - books.google.com
Abstract: This paper explores the relationship between the relative size of the small and
medium enterprise (SME) sector, economic growth, and poverty using a new database on
the share of SME labor in the total manufacturing labor force. Using a sample of 76 ...
Cited by 42 - Related articles - All 6 versions

[PDF] Corporate governance, regulation, and bank risk taking

[PDF] from ecb.int
L Laeven… - World Bank Working Paper, 2006 - ecb.int
Abstract This paper examines the impact of ownership structure, managerial shareholdings,
and national laws and regulations on bank risk taking. Consistent with recent theories, we
find that large owners with substantial cash flow rights increase bank risk taking, but this ...
Cited by 44 - Related articles - View as HTML - All 23 versions

Finance and inequality: Theory and evidence

[PDF] from brown.edu
A Demirguc-Kunt… - 2009 - nber.org
This paper critically reviews the literature on finance and inequality, highlighting substantive
gaps in the literature. Finance plays a crucial role in most theories of persistent inequality.
Unsurprisingly, therefore, economic theory provides a rich set of predictions concerning ...
Cited by 46 - Related articles - All 16 versions

Financial intermediary services and growth

[PDF] from brown.edu
R Levine - Journal of the Japanese and International Economies, 1992 - Elsevier
Abstract This paper constructs a model in which financial intermediaries arise in response to
economic conditions and then examines how the financial services provided by these
intermediaries—facilitating portfolio diversification, providing liquidity risk management, ...
Cited by 39 - Related articles - BL Direct - All 7 versions

Migration, spillovers, and trade diversion: the impact of internationalization on stock market liquidity

[PDF] from psu.edu
R Levine… - 2003 - nber.org
What is the impact of firms that cross-list, issue depositary receipts, or raise capital in
international stock markets on the liquidity of remaining firms in domestic markets? Using a
panel of over 3,200 firms from 55 countries during 1989-2000, we find that ...
Cited by 40 - Related articles - BL Direct - All 20 versions

Big bad banks? The impact of US branch deregulation on income distribution

[PDF] from nida.ac.th
T Beck, R Levine… - 2007 - nber.org
By studying intrastate branch banking reform in the United States, this paper provides
evidence that financial markets substantively influence the distribution of income. From the
1970s through the 1990s, most states removed restrictions on intrastate branching, which ...
Cited by 40 - Related articles - BL Direct - All 16 versions

Big bad banks? The winners and losers from bank deregulation in the United States

[PDF] from afajof.org
T Beck, R Levine… - The Journal of Finance, 2010 - Wiley Online Library
We assess the impact of bank deregulation on the distribution of income in the United
States. From the 1970s through the 1990s, most states removed restrictions on intrastate
branching, which intensified bank competition and improved bank performance. Exploiting ...
Cited by 40 - Related articles - All 11 versions

[CITATION] Financial structures across countries: Stylized facts

A Demirguc-Kunt… - Washington, DC: World Bank Policy Research Working …, 1999
Cited by 37 - Related articles

The pricing of forward exchange rates

R Levine - Journal of International Money and Finance, 1989 - Elsevier
Abstract This paper tests the hypotheses that (1) risk premia fully account for the observed
systematic discrepancies between forward and future spot exchange rates; and (2)'efficient
markets versions' of PPP holds. A simple theoretical framework is used to derive testable ...
Cited by 37 - Related articles - All 7 versions

[PDF] Bank Concentration: cross-country evidence

[PDF] from worldbank.org
A Demirgüç-Kunt… - World Bank Global Policy …, 2000 - www-wds.worldbank.org
Concentration in the banking industry may have far-ranging and long-lasting implications for
financial sector efficiency, bank stability, industrial competitiveness, and the policies,
regulations, and institutions essential for long-run economic growth. 1 Some argue that ...
Cited by 37 - Related articles - View as HTML - All 6 versions

Finance and the Sources of Growth

R Levine, T Beck… - Research Working papers, 1999 - ingentaconnect.com
Abstract: Development of the banking sector exerts a large, causal impact on total factor
productivity growth, which in turn causes GDP to grow. Whether banking development has a
long-run effect on capital growth or private saving remains to be seen. Beck, Levine, and ...
Cited by 37 - Related articles - All 2 versions

[CITATION] Rethinking bank supervision and regulation: Until angels govern

J Barth, G Caprio… - 2006 - Cambridge, UK: Cambridge …
Cited by 35 - Related articles

[PDF] The corporate governance of banks

[PDF] from gcgf.org
R Levine - Global Corporate Governance Forum, World Bank, …, 2003 - gcgf.org
Abstract This paper examines the corporate governance of banks. When banks efficiently
mobilize and allocate funds, this lowers the cost of capital to firms, boosts capital formation,
and stimulates productivity growth. Thus, weak governance of banks reverberates ...
Cited by 33 - Related articles - View as HTML - All 9 versions

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