Journal ArticleDOI
Transactions Costs, Technological Choice, and Endogenous Growth
Reads0
Chats0
TLDR
In this article, the authors analyze how the costs of financial market transactions affect the set of technologies in use and the equilibrium growth rate of a set of industrial technologies and show that transactions cost reductions may, depending on the capital structure, enhance or reduce growth.About:
This article is published in Journal of Economic Theory.The article was published on 1995-10-01. It has received 405 citations till now. The article focuses on the topics: Endogenous growth theory & Financial capital.read more
Citations
More filters
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
Stock markets, banks, and economic growth
Ross Levine,Sara Zervos +1 more
TL;DR: In this paper, the authors investigate whether measures of stock market liquidity, size, volatility, and integration in world capital markets predict future rates of economic growth, capital accumulation, productivity improvements, and private savings.
Journal ArticleDOI
Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom
TL;DR: In this article, the authors estimate dynamic R&D models for high-tech firms and find significant effects of cash flow and external equity for young, but not mature, firms.
Book ChapterDOI
Chapter 12 Finance and Growth: Theory and Evidence
TL;DR: The authors reviewed, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth, concluding that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship.
Journal ArticleDOI
Stock markets, banks and growth: Panel evidence
Thorsten Beck,Ross Levine +1 more
TL;DR: This article investigated the impact of stock markets and banks on economic growth using a panel data set for the period 1976-98 and applying recent GMM techniques developed for dynamic panels and found that stock markets positively influence economic growth and these findings are not due to potential biases induced by simultaneity, omitted variables or unobserved country-specific effects.