For industries, they examined financial dependence (the need for outside capital to finance growth rather than retained cashflows) and the r&d intensity they find quite a large effect. Note: citations are based on reference standards however, formatting rules can vary widely between applications and fields of interest or study the specific requirements or preferences of your reviewing publisher, classroom teacher, institution or organization should be applied. Rajan and zingales (1998) in their seminal paper on financial dependence and growth have shown that financial development in the form of better accounting and disclosure rules and better corporate governance through institutions will reduce the wedge between the cost of internal and external funds. Bank competition, financial dependence, and economic growth in the gulf cooperation council giovanni caggiano bank competition, financial dependence, and economic growth in the gulf third, since the baseline results can be driven by the way we measure financial dependence, we use alternative indicators developed in the literature, ie. - industries that are more dependent on external financing will have relatively higher growth rates in countries that have more developed financial markets - this paper attempts to focus on the details of theoretical mechanisms through which financial development affects economic growth - rajan.
Financial dependence and growth revisited raymond fisman and inessa love nber working paper no 9582 march 2003 jel no g15, g21 abstract in this note, we revisit an earlier, highly influential paper on financial dependence and growth by. Financial dependence and growth: diminishing returns to improvement in financial development shen, leilei this paper examines how much financial development facilitates economic growth by nonparametrically estimating the e ffect of fi nancial development on reducing the costs of external fi nance to fi rms. Stage 0: financial dependence you need to transition from depending on the support of others to providing your own support with the work of your hands. Abstract the authors investigate the link between financial crises and industry growth they analyze data from 19 industrial and developing countries that have experienced financial crises during the past 30 years to investigate how financial crises affect sectors dependent on external sources of finance.
Financial dependence and growth raghuram g rajan luigi zingales the american economic review, vol 88, no 3 (jun, 1998), pp 559-586 stable url. Interaction between external dependence and financial development is included, following earlier studies, to determine whether the growth of financially dependent industries is higher for economies with a well-developed financial sector. This paper contributes to the literature that analyzes the mechanisms linking financial shocks and real activity in particular, we investigate the growth impact of banking crises on industries with different levels of dependence on external finance.
Financial crises, financial dependence, and industry growth luc laeven, daniela klingebiel, and randy kroszner abstract this paper investigates the linkage between financial crises and industry growth. Banking market structure, financial dependence and growth: international evidence from industry data abstract this paper explores the empirical relevance of banking market structure on. Financial dependence and growth this paper examines whether financial development facilitates economic growth by scrutinizing one rationale for such a relationship: thatfinancial development. Financial dependence and growth revisited raymond fisman and inessa love journal of the european economic association, 2007, vol 5, issue 2-3, 470-479 abstract: we revisit an earlier, highly influential paper on financial dependence and growth by rajan and zingales (1998) we re-examine their assumptions, and the robustness of their results to alternative theories and interpretations. Banking crises, financial dependence, and growth uploaded by bogdan moga download with google download with facebook or download with email banking crises, financial dependence, and growth download banking crises, financial dependence, and growth uploaded by.
Growth of sectors with different levels of external financial dependence if we went from a level at the 25th percentile to one at the 75th percentile of the distribution of bank concentration as we did above, we perform this calcu- lation based on the estimation results of the regression in column (b) of table v. Habib hussain khan, rubi binit ahmad, chan sok gee and alejandro raul hernandez montoya, market structure, financial dependence and industrial growth: evidence from the banking industry in emerging asian economies, plos one, 11, 8, (e0160452), (2016. Financial dependence and growth, crsp working papers 344, center for research in security prices, graduate school of business, university of chicago raghuram g rajan & luigi zingales, 1996 financial dependence and growth, nber working papers 5758, national bureau of economic research, inc.
Dependence on external finance to identify the growth effects of international differences in financial development for a heterogeneous sample of countries but sampling such different countries might. Unformatted text preview: financial dependence and growth raghuram g rajan and luigi zingales university of chicago & nber abstract this paper examines whether nancial development facilitates economic growth by scrutinizing one rationale for such a relationship that nancial development reduces the costs of external nance to rms speci cally, we ask whether industrial sectors that are. Read banking crises, financial dependence, and growth, journal of financial economics on deepdyve, the largest online rental service for scholarly research with thousands of academic publications available at your fingertips.
Financial dependence and growth revisited financial dependence and growth revisited fisman, raymond love, inessa 2007-04-05 00:00:00 we revisit an earlier, highly influential paper on financial dependence and growth by rajan and zingales (1998) we re‐examine their assumptions, and the robustness of their results to alternative theories and interpretations. Abstract the relationships among competition in the financial sector, access of firms to external financing, and associated economic growth are ambiguous in theory. Banking market structure, financial dependence and growth: international evidence from industry data nicola cetorelli and michele gambera abstract this paper explores the empirical relevance of banking market structure on growth there is substantial evidence of a positive relationship between the level of devel-opment of the banking sector of an economy and its long-run output growth.