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
Journal ArticleDOI
Why Do Banks Securitize Their Assets? Bank-Level Evidence from Over One Hundred Countries
TL;DR: In this paper, the authors investigated the causes and consequences of securitizations using a large data set of banks from over 100 world countries, controlling for bank specific characteristics as well as country features that might affect banks' decisions.
Journal ArticleDOI
Pitfalls in Measuring Exchange Rate Misalignment: The Yuan and Other Currencies
TL;DR: In this paper, a framework built around the relationship between relative price and relative output levels is used to evaluate whether the Renminbi (RMB) is misaligned, relying upon conventional statistical methods of inference.
Journal ArticleDOI
Capital Structure Dynamics in UK and Continental Europe
TL;DR: In this article, the authors investigated empirically the effects of institutions and market characteristics on corporate capital structure dynamics based on the fact that firms may temporarily deviate from their optimal capital structure due to the existence of adjustment costs, a partial adjustment model is used that links these transaction costs to country-specific characteristics such as the development of the financial markets, legal system, and macroeconomic environment.
BookDOI
New Firm Formation and Industry Growth : Does Having a Market- or Bank-Based System Matter?
TL;DR: This paper found that industries heavily dependent on external finance grow faster in economies with higher levels of financial development, and with better legal protection for outside investors -including strong creditor and shareholder rights and strong contract enforcement mechanisms.
The Development Impact of Remittances in Latin America
TL;DR: In this paper, the authors studied the impact of remittances on the poverty levels of different countries in Latin America and the migration that logically precedes the remittance flows, and the main challenges that policy makers face in countries experiencing a surge in remittance flows.
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.