tailieunhanh - Financial intermediation and growth: Causality and causes

The OECD INFE Core Questionnaire has so far been used in 14 countries: of these, 12 originally volunteered to pilot the questionnaire (Armenia; Czech Republic; Estonia; Germany; Hungary; Ireland; Malaysia; Norway; Peru; Poland; South Africa and the United Kingdom), whilst the 13th , Albania joined the pilot at a later stage with the guidance of our INFE Measurement Subgroup Expert from Italy. The 14th country, The British Virgin Islands (BVI), did not participate in the formal pilot, but undertook a national survey using the core questionnaire and shared the data with the OECD INFE. Each pilot country aimed to interview at. | ELSEVIER Journal of mìBetậị . . ECONOMICS Journal of Monetary Economics 46 2000 31-77 locate econbase Financial intermediation and growth Causality and causesq Ross Levinea Norman Loayzab Thorsten Beck Carlson School of Management University of Minnesota Minneapolis MN 55455 USA Central Bank of Chile Santiago Chile and The World Bank Washington DC 20433 USA The World Bank Washington DC 20433 USA Received 13 October 1998 received in revised form 9 August 1999 accepted 24 August 1999 Abstract This paper evaluates 1 whether the exogenous component of financial intermediary development influences economic growth and 2 whether cross-country differences in legal and accounting systems . creditor rights contract enforcement and accounting standards explain differences in the level of financial development. Using both traditional cross-section instrumental variable procedures and recent dynamic panel techniques we nd that the exogenous components of financial intermediary development is positively associated with economic growth. Also the data show that cross-country differences in legal and accounting systems help account for differences in financial development. Together these findings suggest that legal and accounting reforms that strengthen creditor rights contract enforcement and accounting practices can boost financial development and accelerate economic growth. 2000 Published by Elsevier Science . All rights reserved. JEL classification O16 O40 G28 Keywords Financial development Economic growth Legal system qWe thank seminar participants at the University of Illinois the Federal Reserve Banks of Richmond and Dallas the University of Texas at Austin the University of Minnesota the Central Bank of Chile as well as Robert King Lant Pritchett Andrei Shleifer Jonathan Wright and an anonymous referee for helpful comments. This paper s findings interpretations and conclusions are entirely those of the authors and do not necessarily represent the views

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