Template-type: ReDIF-Paper 1.0
Author-Name: Neven Valev 
Author-Email: nvalev@gsu.edu
Author-Homepage: http://aysps.gsu.edu/ValevN.html
Author-Workplace-Name:  International Studies Program. Andrew Young School of Policy Studies, Georgia State University
Author-Workplace-Homepage:  https://icepp.gsu.edu/
Author-Name: Felix Rioja
Author-Email:prcfkr@langate.gsu.edu
Author-Homepage:http://aysps.gsu.edu/RiojaF.html
Author-Workplace-Name:  International Studies Program. Andrew Young School of Policy Studies, Georgia State University
Author-Workplace-Homepage:  https://icepp.gsu.edu/
Title: Finance and the Sources of Growth at Various Stages of Economic Development
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
Length: 29 pages
Creation-Date: 2002-09-01
File-URL:http://icepp.gsu.edu/files/2015/03/ispwp0217.pdf
File-Format:application/pdf
Handle: RePEc:ays:ispwps:paper0217