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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:2000/02/24Document Date:1999/02/28
Document Type:Policy Research Working PaperLanguage:English
Major Sector:FinanceReport Number:WPS2057
Sub Sectors:Other FinanceSubTopics: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.

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