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Cetorelli, N. and Gamberra, M. (2001): “Banking market structure, financial dependence and growth: international evidence from industry data”, Journal of Finance 56, 617-648. Financial Dependence, Banking Sector Competition, and Economic Growth. Abstract. Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data Nicola Cetorelli1 Michele Gambera October 1999 1Federal Reserve Bank of Chicago, 230 S. LaSalle St., Chicago, IL 60604-1413.E-mail: ncetorelli@frbchi.org and Michele.Gambera@chi.frb.org, respectively. All are professionals or graduate-level students dedicated to economics research and teaching. A number of studies have identified a positive correlation between the level of development of a country's financial sector and the rate of growth of its per capita income. Select the purchase Cetorelli N, Gambera M. Banking market structure, financial dependence and growth: International evidence from industry data. We show this result is unlikely to be driven by omitted variables, outliers, or reverse causality. As has been noted elsewhere, the observed correlation does not necessarily imply a causal relationship. 1998; Beck et al. Michele Gambera. 2003). Evidence from a Sample of Middle Income Countries, Does too much finance harm economic growth, The nonlinear relationship between economic growth and financial development: Evidence from developing, emerging and advanced economies, The financial sector and economic growth in a panel of countries, Financial Development and Economic Growth: A Meta-Analysis, DOES FINANCIAL MARKET DEVELOPMENT MATTER IN EXPLAINING GROWTH FLUCTUATIONS, Financial Development, Growth, and the Distribution of Income, Finance and Growth: Schumpeter Might Be Right, Financial markets and growth: An overview☆, The Finance-Growth Nexus: Evidence from Bank Branch Deregulation, A Sensitivity Analysis of Cross-Country Growth Regressions, The Coevolution of the Real and Financial Sectors in the Growth Process, Good Policy or Good Luck? The threshold of the ratio between private credit and GDP above which the contribution of a further expansion of credit to industry growth is negative depends on the degree of industries’ own and upstream financial dependence values and slightly varies across sectors, ranging from 89% to 87%, with higher thresholds observed for sectors with lower own financial dependence but higher upstream … The Journal of Finance. We widen the understanding of the finance-growth nexus by accounting for the indirect effect of financial development through input-output (IO) linkages in determining the growth of industries across countries. This paper examines whether financial development facilitates economic growth by scrutinizing one rationale for such a relationship: that financial development reduces the costs of … The views ex-pressed in this paper are those of the authors and do not necessarily … In this note, we revisit an earlier, highly influential paper on Financial Dependence and Growth by Rajan and Zingales (1998), by re-examining their assumptions, and the robustness of their results to alternative theories and interpretations. Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data. 2 * APRIL 2001 Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data NICOLA CETORELLI and MICHELE GAMBERA* ABSTERACT This paper explores the empirical relevance of banking market structure on growth. 88, issue 3, 559-86 Abstract: This paper examines whether financial development facilitates economic growth by scrutinizing one rationale for such a relationship: that financial development reduces the costs of external finance to firms. Specifically, we ask whether industrial sectors that are relatively more in need of external finance develop disproportionately faster in countries with more-developed financial markets. Country Growth Performance and Temporary Shocks, Domestic Saving and International Capital Flows Reconsidered, View 2 excerpts, cites results and methods, By clicking accept or continuing to use the site, you agree to the terms outlined in our. Financial Crises, Financial Dependence, and Industry Growth Luc Laeven, Daniela Klingebiel, and Randy Kroszner** Abstract This paper investigates the linkage between financial crises and industry growth. option. The journal publishes 11 issues containing articles on a broad range of topics. The financial development and growth literature has established that finance matters for growth both at the macroeconomic and microeconomic levels (King and Levine 1993). and Zingales, L. (1998) Financial Dependence and Growth. The basic specification in this paper is a semiparametric growth rate function where the interaction between external financial dependence of an industry and financial development of a country enters nonparametrically and the remaining variables are parametric. Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data. This paper examines whether financial development facilitates economic growth by scrutinizing one rationale for such a relationship; that financial development reduces the costs of…. Does finance affect economic growth? We analyze data from 19 developed and developing countries that have experienced financial crises during the last We re-examine their assumptions, and the robustness of their results to alternative theories and interpretations. As has been noted elsewhere, the observed correlation does not necessarily imply a causal relationship. The American Economic Review Published By: American Economic Association, Access everything in the JPASS collection, Download up to 10 article PDFs to save and keep, Download up to 120 article PDFs to save and keep. 49 Pages Posted: 1 Feb 2005. Does finance affect economic growth? Chakraborty, Atreya and Charles X. Hu (2006): “Lending relationships in line-of-credit and nonline-of-credit loans: evidence from collateral use in small business”, Journal of Financial Intermediation, forthcoming. View Article Google Scholar 21. small and medium size enterprises (SMEs) and, Financial development stimulates growth, in particular in industries dependent on external finance. We find this to be true in a large sample of countries over the 1980's. As has been noted elsewhere, the observed correlation does not necessarily imply a causal relationship. See all articles by Stijn Claessens Stijn Claessens. As has been noted elsewhere, the observed correlation does not necessarily imply a causal relationship. We revisit an earlier, highly influential paper on financial dependence and growth by Rajan and Zingales (1998). Home Policy Research Working Papers Financial Dependence, Banking Sector Competition, and Economic Growth. Introduction The global financial crisis has deeply affected the growth and finance nexus via several channels, including wide-scale private deleveraging, tighter credit constraints for some economic agents, e.g. CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): This paper examines whether nancial development facilitates economic growth by scrutinizing one rationale for such a relationship; that nancial development reduces the costs of external nance to rms. Check out using a credit card or bank account with. 2001;56(2):617–48. A number of studies have identified a positive correlation between the level of development of a country's financial sector and the rate of growth of its per capita income. Established in 1911, the AER is among the nation's oldest and most respected scholarly journals in the economics profession and is celebrating over 100 years of publishing. © 1998 American Economic Association Nicola Cetorelli. I. JSTOR is part of ITHAKA, a not-for-profit organization helping the academic community use digital technologies to preserve the scholarly record and to advance research and teaching in sustainable ways. By Raghuram G. Rajan and Luigi Zingales. Financial Dependence and Growth By RAGHURAM G. RAJAN AND LUIGI ZINGALES * This paper examines whetherfinancial development facilitates economic growth by scrutinizing one rationale for such a relationship: that financial development reduces the costs of … And interpretations a large sample of countries over the 1980 's online and the. 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