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Finance and the Sources of Growth (Levine-Loayza-Beck Dataset)

Authors:Norman V. Loayza , Thorsten Beck  and Ross Eric Levine
Web Address:Finance Research
Topics:Financial Sector and Macroeconomic & Economic Growth
Report Number:wps2059

The data sets used for Beck, Levine and Loayza "Finance and the Sources of Growth"(1999) are contained in a Microsoft Excel file. The file contains 6 sheets:

1. Data6095 - Data used for cross-sectional regressions 1960-95.
2. Data8095 - Data used for cross-sectional regressions 1980-95
3. Panel - Data used for Panel regressions 1960-95
4. Saving regressions 7095 - Data used for cross-sectional savings regressions 1970-95
5. Savings panel - Data used for savings panel regressions 1970-95
6. Variables - Description of variable names

This paper evaluates the empirical relationship between the level of financial intermediary development and (i) economic growth, (ii) total factor productivity growth, (iii) physical capital accumulation, and (iv) private saving rates. We use (a) a pure cross-country instrumental variable estimator to extract the exogenous component of financial intermediary development, and (b) a new panel technique that controls for biases associated to simultaneity and unobserved country-specific effects. After controlling for these potential biases, we find that (1) financial intermediaries exert a large, positive impact on total factor productivity growth, which feeds through to overall GDP growth; and (2) the long-run links between financial intermediary development and both physical capital growth and private saving rates are tenuous.

Access to Dataset
  • Finance and the Sources of Growth database (MS Excel file, 1.02mb)

  • Dataset (run file, 4.8kb)

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