Papers published on a yearly basis
Papers
More filters
TL;DR: In this article, the authors evaluate whether the level of development in the banking sector exerts a causal impact on economic growth and its sources-total factor productivity growth, physical capital accumulation, and private saving.
2,634 citations
TL;DR: This paper employed the Geweke decomposition test on pooled data of 109 developing and industrial countries from 1960 to 1994 to examine the direction of causality between financial development and economic growth.
1,080 citations
Posted Content•
TL;DR: In this article, the effect of foreign direct investment on economic growth in a cross-country regression framework, utilizing data on FDI flows from industrial countries to 69 developing countries over the last two decades.
Abstract: We test the effect of foreign direct investment (FDI) on economic growth in a cross-country regression framework, utilizing data on FDI flows from industrial countries to 69 developing countries over the last two decades. Our results suggest that FDI is an important vehicle for the transfer of technology, contributing relatively more to growth than domestic investment. However, the higher productivity of FDI holds only when the host country has a minimum threshold stock of human capital. In addition, FDI has the effect of increasing total investment in the economy more than one for one, which suggests the predominance of complementarity effects with domestic firms.
729 citations
TL;DR: In this article, the authors investigate the theoretical basis for contagious failures and quantify them through simulation exercises, showing that the liquidity requirements on institutions can be as effective as capital requirements in forestalling contagious failures.
Abstract: This paper explores liquidity risk in a system of interconnected financial institutions when these institutions are subject to regulatory solvency constraints and mark their assets to market. When the market's demand for illiquid assets is less than perfectly elastic, sales by distressed institutions depress the market prices of such assets. Marking to market of the asset book can induce a further round of endogenously generated sales of assets, depressing prices further and inducing further sales. Contagious failures can result from small shocks. We investigate the theoretical basis for contagious failures and quantify them through simulation exercises. Liquidity requirements on institutions can be as effective as capital requirements in forestalling contagious failures.
682 citations
TL;DR: This paper used a new dataset to reassess the relationship between bank ownership and bank performance, providing separate estimations for developing and industrial countries, and found that state-owned banks located in developing countries tend to have lower profitability and higher costs than their private counterparts.
Abstract: This paper uses a new dataset to reassess the relationship between bank ownership and bank performance, providing separate estimations for developing and industrial countries. It finds that state-owned banks located in developing countries tend to have lower profitability and higher costs than their private counterparts, and that the opposite is true for foreign-owned banks. The paper finds no strong correlation between ownership and performance for banks located in industrial countries. Next, in order to test whether the differential in performance between public and private banks is driven by political considerations, the paper checks whether this differential widens during election years; it finds strong support for this hypothesis.
622 citations
Authors
Showing all 986 results
| Name | H-index | Papers | Citations |
|---|---|---|---|
| Ross Levine | 122 | 398 | 108067 |
| Michael Woodford | 95 | 328 | 48411 |
| Bennett T. McCallum | 71 | 335 | 18023 |
| Stephen G. Cecchetti | 68 | 247 | 14714 |
| Xavier Sala-i-Martin | 67 | 153 | 34397 |
| Andrew Harvey | 67 | 206 | 30318 |
| Timo Teräsvirta | 62 | 224 | 20403 |
| Martín Uribe | 59 | 209 | 17329 |
| Jong-Wha Lee | 56 | 225 | 29962 |
| Stephanie Schmitt-Grohé | 52 | 162 | 13578 |
| Edward J. Kane | 51 | 310 | 10017 |
| Douglas Laxton | 48 | 274 | 8176 |
| Andrés Velasco | 45 | 161 | 12064 |
| Norman Loayza | 45 | 125 | 25361 |
| Jose De Gregorio | 44 | 197 | 9754 |