Financial development and growth in the short and long run:
"We analyze the relationship between financial development and inter-industry resource allocation in the short- and long-run. We suggest that in the long-run, economies with high rates of financial development will devote relatively more resources to industries with a 'natural' relian...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, MA
National Bureau of Economic Research
2004
|
| Schriftenreihe: | NBER working paper series
working paper 10236 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "We analyze the relationship between financial development and inter-industry resource allocation in the short- and long-run. We suggest that in the long-run, economies with high rates of financial development will devote relatively more resources to industries with a 'natural' reliance on outside finance due to a comparative advantage in these industries. By contrast, in the short-run we argue that financial development facilitates the reallocation of resources to industries with good growth opportunities, regardless of their reliance on outside finance. To test these predictions, we use a measure of industry-level 'technological' financial dependence based on the earlier work of Rajan and Zingales (1998), and develop new proxies for shocks to (short run) industry growth opportunities. We find differential effects of these measures on industry growth and composition in countries with different levels of financial development. We obtain results that are consistent with financially developed economies specializing in 'financially dependent' industries in the long-run, and allocating resources to industries with high growth opportunities in the short-run"--National Bureau of Economic Research web site |
| Beschreibung: | Includes bibliographical references. - Title from PDF file as viewed on 1/21/2005 Erscheinungsjahr in Vorlageform:c2004 Weitere Ausgabe: Fisman, Raymond : Financial development and growth in the short and long run |
| Beschreibung: | 1 Online-Ressource (25 Seiten) |
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| 520 | 1 | |a "We analyze the relationship between financial development and inter-industry resource allocation in the short- and long-run. We suggest that in the long-run, economies with high rates of financial development will devote relatively more resources to industries with a 'natural' reliance on outside finance due to a comparative advantage in these industries. By contrast, in the short-run we argue that financial development facilitates the reallocation of resources to industries with good growth opportunities, regardless of their reliance on outside finance. To test these predictions, we use a measure of industry-level 'technological' financial dependence based on the earlier work of Rajan and Zingales (1998), and develop new proxies for shocks to (short run) industry growth opportunities. We find differential effects of these measures on industry growth and composition in countries with different levels of financial development. We obtain results that are consistent with financially developed economies specializing in 'financially dependent' industries in the long-run, and allocating resources to industries with high growth opportunities in the short-run"--National Bureau of Economic Research web site | |
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| id | DE-604.BV040617925 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-29T04:04:50Z |
| institution | BVB |
| language | English |
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| physical | 1 Online-Ressource (25 Seiten) |
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| publishDate | 2004 |
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| publisher | National Bureau of Economic Research |
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| spellingShingle | Fisman, Raymond 1971- Financial development and growth in the short and long run Ökonometrisches Modell |
| title | Financial development and growth in the short and long run |
| title_auth | Financial development and growth in the short and long run |
| title_exact_search | Financial development and growth in the short and long run |
| title_full | Financial development and growth in the short and long run Raymond Fisman, Inessa Love |
| title_fullStr | Financial development and growth in the short and long run Raymond Fisman, Inessa Love |
| title_full_unstemmed | Financial development and growth in the short and long run Raymond Fisman, Inessa Love |
| title_short | Financial development and growth in the short and long run |
| title_sort | financial development and growth in the short and long run |
| topic | Ökonometrisches Modell |
| topic_facet | Ökonometrisches Modell |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3319 |
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