Finance and the sources of growth, Vol. 1 of 5

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Finance and the sources of growth, Volume 1 of 5

Author:	Beck, Thorsten; Levine, Ross; Loayza, Norman;	Collection Title:	Policy, Research working paper ; no. WPS 2057
Date Stored:	2000/02/24	Document Date:	1999/02/28
Document Type:	Policy Research Working Paper	Language:	English
Major Sector:	Finance	Report Number:	WPS2057
Sub Sectors:	Other Finance	SubTopics:	Environmental Economics & Policies; Achieving Shared Growth; Governance Indicators; Economic Theory & Research; Banks & Banking Reform; Economic Growth; Fiscal & Monetary Policy; Decentralization
Volume No:	1 of 5

Summary: The authors evaluate whether the level of development in the banking sector exerts a causal impact on economic growth and its sources-total factor productivity growth, physical capital accumulation, and private saving. They use (1) a pure cross-country instrumental variable estimator to extract the exogenous component of banking development and (2) a new panel technique that controls for country-specific effects and endogeneity. They find that: Banks do exert a large, causal impact on total factor productivity growth, which feeds through to overall GDP (Gross Domestic Product) growth. The long-run links between banking development and both capital growth and private savings are more tenuous.


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

	PDF 51 pages	Official version*	3.57 (approx.)
	Text	Text version**


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File Type		Description	File Size (mb)

	PDF 38 pages	WPS2057	0.10

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