世界経済・社会統計 = World development indicators

In Acemoglu, Johnson, and Robinson, henceforth AJR, (2001), we advanced the hypothesis that the mortality rates faced by Europeans in different parts of the world after 1500 affected their willingness to establish settlements and choice of colonization strategy. Places that were relatively healthy (for Europeans) were—when they fell under European control—more likely to receive better economic and political institutions. In contrast, places where European settlers were less likely to go were more likely to have “extractive” institutions imposed. We also posited that this early pattern of institutions has persisted over time and influences the extent and nature of institutions in the modern world. On this basis, we proposed using estimates of potential European settler mortality as an instrument for institutional variation in former European colonies today. Data on settlers themselves are unfortunately patchy—particularly because not many went to places they believed, with good reason, to be most unhealthy. We therefore followed the lead of Curtin (1989 and 1998) who compiled data on the death rates faced by European soldiers in various overseas postings. 1 Curtin’s data were based on pathbreaking data collection and statistical work initiated by the British military in the mid-nineteenth century. These data became part of the foundation of both contemporary thinking about public health (for soldiers and for civilians) and the life insurance industry (as actuaries and executives considered the

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The Colonial Origins of Comparative Development: An Empirical Investigation

https://scholar.harvard.edu/files/shleifer/files/ip_corpgov.pdf

Investor Protection and Corporate Governance

The author argues that the preponderance of theoretical reasoning and empirical evidence suggests a positive first order relationship between financial development and economic growth. There is evidence that the financial development level is a good predictor of future rates of economic growth, capital accumulation, and technological change. Moreover, cross-country, case-style, industry level and firm-level analysis document extensive periods when financial development crucially affects the speed and pattern of economic development. The author explains what the financial system does and how it affects, and is affected by, economic growth. Theory suggests that financial instruments, markets and institutions arise to mitigate the effects of information and transaction costs. A growing literature shows that differences in how well financial systems reduce information and transaction costs influence savings rates, investment decisions, technological innovation, and long-run growth rates. A less developed theoretical literature shows how changes in economic activity can influence financial systems. The author advocates a functional approach to understanding the role of financial systems in economic growth. This approach focuses on the ties between growth and the quality of the functions provided by the financial systems. The author discourages a narrow focus on one financial instrument, or a particular institution. Instead, the author addresses the more comprehensive question: What is the relationship between financial structure and the functioning of the financial system?

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Financial development and economic growth : views and agenda

1. Introduction and Overview. 2. Detecting Influential Observations and Outliers. 3. Detecting and Assessing Collinearity. 4. Applications and Remedies. 5. Research Issues and Directions for Extensions. Bibliography. Author Index. Subject Index.

Regression Diagnostics: Identifying Influential Data and Sources of Collinearity

Using a unique firm-level survey database covering 54 countries, we investigate the effect of financial, legal, and corruption problems on firms’ growth rates. Whether these factors constrain growth depends very much on firm size. It is consistently the smallest firms that are most constrained. Financial and institutional development weakens the constraining effects of financial, legal and corruption obstacles and it is again the small firms that stand to benefit the most. There is only a weak relation between firms’ perception of the quality of the courts in their country and firm growth. We also provide evidence that the corruption of bank officials constrains firm growth.

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Financial and legal constraints to firm growth: does size matter?

The research presented here focuses on four issues. First, it constructs more measures or criteria of stock market development than any previous study. It compares liquidity, concentration, volatility, institutional development, and international integration across forty-four industrial and developing countries from 1976 to 1993. Besides identifying general characteristics of these measures and defining stock market development empirically, these data facilitate further research into the relationship between stock market development and financial intermediaries, corporate finance decisions, and economic growth. These measures, ranked for each country, can be used for inter country comparisons of the level of stock market development. In addition, the data provide a basis for gauging the success of capital market development projects using objective criteria. Second, with these new data the research investigates the relationships between stock markets and financial intermediaries. Third, the research analyzes the relationship between stock market development and long-run economic growth. Fourth, the research studies the ties between stock market development and financing choices of firms. This overview puts this research in context and reviews the main results of the study. Section I provides a brief review of the role of stock markets in economic development and documents the evolution of debt and equity markets during the growth process. Section II defines stock market development and presents summary data on the development of financial intermediaries and stock markets. Section III presents evidence on the effect of stock market development on economic growth. Section IV summarizes the empirical results on how stock market development affects firm financing decisions. Section V concludes by discussing policy implications.

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Stock markets, corporate finance, and economic growth : an overview

Financial inclusion -- defined here as the use of formal accounts -- can bring many welfare benefits to individuals. Yet the authors know very little about the factors underpinning financial inclusion across individuals and countries. Using data for 123 countries and over 124,000 individuals, this paper tries to understand the individual and country characteristicsassociated with the use of formal accounts and what policies are effective among those most likely to be excluded: the poor and rural residents. The authors find that greater ownership and use of accounts is associated with a better enabling environment for accessing financial services, such as lower account costs and greater proximity to financial intermediaries. Policies targeted to promote inclusion -- such as requiring banks to offer basic or low-fee accounts, exempting some depositors from onerous documentation requirements, allowing correspondent banking, and using bank accounts to make government payments -- may be especially effective among those most likely to be excluded. Finally, the study the factors associated with perceived barriers to account ownership among those who are financially excluded and find that these individuals report lower barriers in countries with lower costs of accounts and greater penetration of financial service providers. Overall, the results suggest that policies to reduce barriers to financial inclusion may expand the pool of eligible account users and encourage existing account holders to use their accounts with greater frequency and for the purpose of saving.

The Foundations of Financial Inclusion: Understanding Ownership and Use of Formal Accounts

https://isiarticles.com/bundles/Article/pre/pdf/15471.pdf

Market discipline and deposit insurance

World stock markets are booming, and emerging stock markets account for a disproportionate share of this growth. Yet economists lack a common concept or measure of stock market development. This article collects and compares a broad array of indicators of stock market and financial intermediary development, using data from forty-four developing and industrial countries during the period from 1986 to 1993. The empirical results exhibit wide cross-country differences for each indicator as well as intuitively appealing correlations between various indicators. The article constructs aggregate indexes and analyzes them to document the relationship between the emergence of stock markets and the growth of financial intermediaries. It produces a set of stylized facts that facilitates and stimulates research into the links among stock markets, economic development, and corporate financing decisions.

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Asli Demirguc-Kunt

Papers

Financial and legal constraints to firm growth: does size matter?

Stock markets, corporate finance, and economic growth : an overview

The Foundations of Financial Inclusion: Understanding Ownership and Use of Formal Accounts

Market discipline and deposit insurance

Stock market development and financial intermediaries : stylized facts