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Finance and the Sources of Growth at Various Stages of Economic Development

Neven Valev and Felix Rioja

International Center for Public Policy Working Paper Series, at AYSPS, GSU from International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University

Abstract: This paper studies the effects of financial development on the sources of growth in different groups of countries. Recent theoretical work shows that financial development may affect productivity and capital accumulation in different ways in industrial versus developing countries. This hypothesis is tested with panel data from 74 countries using GMM dynamic panel techniques. Results are consistent with the hypothesis: finance has a strong positive influence on productivity growth primarily in more developed economies. In less developed economies, the effect of finance on output growth occurs primarily through capital accumulation.

Keywords: economic; development (search for similar items in EconPapers)
Pages: 29 pages
Date: 2002-09-01
New Economics Papers: this item is included in nep-dev and nep-mfd
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Journal Article: Finance and the Sources of Growth at Various Stages of Economic Development (2004) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:ays:ispwps:paper0217

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