Financial dependence and growth: Diminishing returns to improvement in financial development

Leilei Shen ()

Economics Letters, 2013, vol. 120, issue 2, 215-219

Abstract: This paper examines how much financial development facilitates economic growth by nonparametrically estimating the effect of financial development on reducing the costs of external finance to firms. The data reveal substantial evidence of diminishing returns to improvement in financial development.

Keywords: Financial dependence; Growth; Semiparametric estimation (search for similar items in EconPapers)
JEL-codes: F3 O4 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:120:y:2013:i:2:p:215-219

DOI: 10.1016/j.econlet.2013.04.018

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