Open AccessPosted Content
A New Database on Financial Development and Structure
Reads0
Chats0
TLDR
Beck, Demirguc-Kunt, and Levine as mentioned in this paper introduced a new database of indicators of financial development and structure across countries and over time, which unifies a range of indicators that measure the size, activity, and efficiency of financial intermediaries and markets.Abstract:
This new database of indicators of financial development and structure across countries and over time unites a range of indicators that measure the size, activity, and efficiency of financial intermediaries and markets. Beck, Demirguc-Kunt, and Levine introduce a new database of indicators of financial development and structure across countries and over time. This database is unique in that it unites a variety of indicators that measure the size, activity, and efficiency of financial intermediaries and markets. It improves on previous efforts by presenting data on the public share of commercial banks, by introducing indicators of the size and activity of nonbank financial institutions, and by presenting measures of the size of bond and primary equity markets. The compiled data permit the construction of financial structure indicators to measure whether, for example, a country's banks are larger, more active, and more efficient than its stock markets. These indicators can then be used to investigate the empirical link between the legal, regulatory, and policy environment and indicators of financial structure. They can also be used to analyze the implications of financial structure for economic growth. Beck, Demirguc-Kunt, and Levine describe the sources and construction of, and the intuition behind, different indicators and present descriptive statistics. This paper - a product of Finance, Development Research Group - is part of a broader effort in the group to understand the determinants of financial structure and its importance to economic development. The authors may be contacted at tbeck@worldbank.org, ademirguckunt@worldbank.org, or rlevine@csom.umn.edu.read more
Citations
More filters
BookDOI
The impact of banking crises on money demand and price stability
Martinez Peria,Maria Soledad +1 more
TL;DR: The authors empirically investigated the monetary impact of banking crises in Colombia, Chile, Denmark, Japan, Kenya, Malaysia, and Uruguay, and found no systematic evidence that banking crises cause money demand instability.
Journal ArticleDOI
Corporate governance codes and their contents: An analysis of Eastern European codes *
TL;DR: In this paper, the authors show that for some countries the contents of the country codes are actually rather different as compared to these best practices, suggesting that domestic forces related to country-specific characteristics of corporate governance systems may have helped shaping the contents.
BookDOI
Aging Population, Pension Funds, and Financial Markets : Regional Perspectives and Global Challenges for Central, Eastern, and Southern Europe
TL;DR: In this paper, the authors investigate questions germane to pension systems in the Central, Eastern, and Southern Europe (CESE) economies: the extent to which pension systems were prepared to deal with multi-pillar pension reform, how to foster the development of financial systems so that they can better support funded systems, and how ready the systems are for the approaching payout of benefits as the first participants in the funded pillar approach retirement age.
Journal ArticleDOI
Financial development and investment: panel data evidence for OECD countries from 1970 to 1997
Sebastian Schich,Florian Pelgrin +1 more
TL;DR: The authors applied a panel error correction approach to data for 19 OECD countries from 1970 to 1997, and found evidence that financial development is significantly related to investment levels, although the results appeared to be strongest for stock market capitalization.
Posted Content
Public Expenditures on Social Programs and Household Consumption in China
Emanuele Baldacci,Giovanni Callegari,David Coady,Ding Ding,Manmohan S. Kumar,Pietro Tommasino,Jaejoon Woo +6 more
TL;DR: In this article, the authors show that increasing government social expenditures can make a substantive contribution to increasing household consumption in China, and that a sustained 1 percent of GDP increase in public expenditures, distributed equally across education, health, and pensions, would result in a permanent increase the household consumption ratio of 1¼ percentage points of GDP.
References
More filters
Journal ArticleDOI
Finance and Growth: Schumpeter Might Be Right
TL;DR: In this paper, the authors examined a cross-section of about 80 countries for the period 1960-89 and found that various measures of financial development are strongly associated with both current and later rates of economic growth.
ReportDOI
Financial Dependence and Growth
Raghuram G. Rajan,Raghuram G. Rajan,Raghuram G. Rajan,Luigi Zingales,Luigi Zingales,Luigi Zingales +5 more
TL;DR: This paper examined 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, and found that industrial sectors that are relatively more in need of foreign finance develop disproportionately faster in countries with more developed financial markets.
BookDOI
Financial development and economic growth : views and agenda
Ross Levine,Ross Levine +1 more
TL;DR: The authors argued that the preponderance of theoretical reasoning and empirical evidence suggests a positive first-order relationship between financial development and economic growth, and that financial development level is a good predictor of future rates of economic growth.
Posted Content
Financial Intermediation and Growth: Causality and Causes
TL;DR: In this article, the authors evaluate whether the level of development of financial intermediaries exerts a casual influence on economic growth, and they find that financial intermediary development has a large causal impact on growth.
Journal ArticleDOI
Finance, entrepreneurship and growth
TL;DR: The authors construct an endogenous growth model in which financial systems evaluate prospective entrepreneurs, mobilize savings to finance the most promising productivity-enhancing activities, diversify the risks associated with these innovative activities and reveal the expected profits from engaging in innovation rather than the production of existing goods using existing methods.