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Financial intermediation and growth : Causality and causes, Volume 1

Author:	Levine, Ross; Loayza, Norman; Beck, Thorsten;	Collection Title:	Policy, Research working paper ; no. WPS 2059
Date Stored:	2000/02/24	Document Date:	1999/02/28
Document Type:	Policy Research Working Paper	Language:	English
Major Sector:	Finance	Report Number:	WPS2059
Sub Sectors:	Financial Sector Development	SubTopics:	Achieving Shared Growth; Governance Indicators; Economic Theory & Research; Payment Systems & Infrastructure; Public Health Promotion; Financial Intermediation; Decentralization; Financial Economics
Volume No:	1	Related Dataset:	Finance and the Sources of Growth (Levine-Loayza-Beck Dataset); Financial Intermediation and Growth: Causality and Causes;

Summary: The authors evaluate: a) whether the level of development of financial intermediaries exerts a casual influence on economic growth; and b) whether cross-country differences in legal and accounting systems (such as creditor rights, contract enforcement, and accounting standards) explain differences in the level of financial development. Using both traditional cross-section, instrumental-variable procedures and recent dynamic panel techniques, they find that development of financial intermediaries exerts a large causal impact on growth. The data also show that cross-country differences in legal and accounting systems help determine differences in financial development. Together, these findings suggest that legal and accounting reform that strengthens creditor rights, contract enforcement, and accounting practices boosts financial development and accelerates economic growth.


Official Documents Official, scanned versions of documents (may include signatures, etc.)
File Type		Description	File Size (mb)

	PDF 52 pages	Official version*	3.64 (approx.)
	Text	Text version**


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File Type		Description	File Size (mb)

	PDF 47 pages	WPS2059	0.12

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** The text version is the OCR text of the final scanned version and is not an accurate representation of the final text.
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