Financial Development and Economic Growth:
This paper examines the empirical relationship between long-run growth and the degree of financial development, proxied by the ratio of bank credit to the private sector as a fraction of GDP. We find that this proxy enters significantly and with a positive sign in growth regressions on a large cross...
Gespeichert in:
1. Verfasser: | |
---|---|
Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
1992
|
Schriftenreihe: | IMF Working Papers
Working Paper No. 92/101 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | This paper examines the empirical relationship between long-run growth and the degree of financial development, proxied by the ratio of bank credit to the private sector as a fraction of GDP. We find that this proxy enters significantly and with a positive sign in growth regressions on a large cross-country sample, but with a negative sign using panel data for Latin America. Our findings suggest that the main channel of transmission from financial development to growth is the efficiency of investment, rather than its volume. We also present a model where the negative correlation between financial intermediation and growth results from financial liberalization in a poor regulatory environment |
Beschreibung: | 1 Online-Ressource (37 p) |
ISBN: | 1451852452 9781451852455 |
Internformat
MARC
LEADER | 00000nmm a2200000 cb4500 | ||
---|---|---|---|
001 | BV048345026 | ||
003 | DE-604 | ||
005 | 00000000000000.0 | ||
007 | cr|uuu---uuuuu | ||
008 | 220713s1992 |||| o||u| ||||||eng d | ||
020 | |a 1451852452 |c 15.00 USD |9 1-451-85245-2 | ||
020 | |a 9781451852455 |c 15.00 USD |9 978-1-451-85245-5 | ||
035 | |a (ZDB-1-IMF)84584606X | ||
035 | |a (OCoLC)1337131843 | ||
035 | |a (DE-599)BVBBV048345026 | ||
040 | |a DE-604 |b ger | ||
041 | 0 | |a eng | |
049 | |a DE-20 |a DE-824 |a DE-70 |a DE-155 |a DE-29 |a DE-22 |a DE-473 |a DE-1102 |a DE-703 |a DE-859 |a DE-706 |a DE-384 |a DE-860 |a DE-19 |a DE-739 |a DE-355 |a DE-Aug4 |a DE-1049 |a DE-12 |a DE-91 | ||
100 | 1 | |a Guidotti, Pablo Emilio |e Verfasser |4 aut | |
245 | 1 | 0 | |a Financial Development and Economic Growth |c Guidotti, Pablo Emilio |
264 | 1 | |a Washington, D.C |b International Monetary Fund |c 1992 | |
300 | |a 1 Online-Ressource (37 p) | ||
336 | |b txt |2 rdacontent | ||
337 | |b c |2 rdamedia | ||
338 | |b cr |2 rdacarrier | ||
490 | 0 | |a IMF Working Papers |v Working Paper No. 92/101 | |
520 | 3 | |a This paper examines the empirical relationship between long-run growth and the degree of financial development, proxied by the ratio of bank credit to the private sector as a fraction of GDP. We find that this proxy enters significantly and with a positive sign in growth regressions on a large cross-country sample, but with a negative sign using panel data for Latin America. Our findings suggest that the main channel of transmission from financial development to growth is the efficiency of investment, rather than its volume. We also present a model where the negative correlation between financial intermediation and growth results from financial liberalization in a poor regulatory environment | |
533 | |a Online-Ausg | ||
700 | 1 | |a De Gregorio, Jose |e Sonstige |4 oth | |
856 | 4 | 0 | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |x Verlag |z URL des Erstveröffentlichers |3 Volltext |
912 | |a ZDB-1-IMF | ||
999 | |a oai:aleph.bib-bvb.de:BVB01-033724294 | ||
966 | e | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |l UBW01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
966 | e | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |l UEI01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
966 | e | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |l LCO01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
966 | e | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |l SBR01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
966 | e | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |l UER01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
966 | e | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |l SBG01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
966 | e | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |l UBG01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
966 | e | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |l FAN01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
966 | e | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |l UBT01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
966 | e | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |l FKE01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
966 | e | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |l UBY01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
966 | e | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |l UBA01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
966 | e | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |l FLA01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
966 | e | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |l UBM01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
966 | e | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |l UPA01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
966 | e | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |l UBR01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
966 | e | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |l FHA01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
966 | e | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |l FNU01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
966 | e | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |l BSB01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
966 | e | |u http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |l TUM01 |p ZDB-1-IMF |x Verlag |3 Volltext |
Datensatz im Suchindex
_version_ | 1804184193481048064 |
---|---|
adam_txt | |
any_adam_object | |
any_adam_object_boolean | |
author | Guidotti, Pablo Emilio |
author_facet | Guidotti, Pablo Emilio |
author_role | aut |
author_sort | Guidotti, Pablo Emilio |
author_variant | p e g pe peg |
building | Verbundindex |
bvnumber | BV048345026 |
collection | ZDB-1-IMF |
ctrlnum | (ZDB-1-IMF)84584606X (OCoLC)1337131843 (DE-599)BVBBV048345026 |
format | Electronic eBook |
fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>05096nmm a2200589 cb4500</leader><controlfield tag="001">BV048345026</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">00000000000000.0</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">220713s1992 |||| o||u| ||||||eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">1451852452</subfield><subfield code="c">15.00 USD</subfield><subfield code="9">1-451-85245-2</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9781451852455</subfield><subfield code="c">15.00 USD</subfield><subfield code="9">978-1-451-85245-5</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-1-IMF)84584606X</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1337131843</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV048345026</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-20</subfield><subfield code="a">DE-824</subfield><subfield code="a">DE-70</subfield><subfield code="a">DE-155</subfield><subfield code="a">DE-29</subfield><subfield code="a">DE-22</subfield><subfield code="a">DE-473</subfield><subfield code="a">DE-1102</subfield><subfield code="a">DE-703</subfield><subfield code="a">DE-859</subfield><subfield code="a">DE-706</subfield><subfield code="a">DE-384</subfield><subfield code="a">DE-860</subfield><subfield code="a">DE-19</subfield><subfield code="a">DE-739</subfield><subfield code="a">DE-355</subfield><subfield code="a">DE-Aug4</subfield><subfield code="a">DE-1049</subfield><subfield code="a">DE-12</subfield><subfield code="a">DE-91</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Guidotti, Pablo Emilio</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Financial Development and Economic Growth</subfield><subfield code="c">Guidotti, Pablo Emilio</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Washington, D.C</subfield><subfield code="b">International Monetary Fund</subfield><subfield code="c">1992</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (37 p)</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">IMF Working Papers</subfield><subfield code="v">Working Paper No. 92/101</subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">This paper examines the empirical relationship between long-run growth and the degree of financial development, proxied by the ratio of bank credit to the private sector as a fraction of GDP. We find that this proxy enters significantly and with a positive sign in growth regressions on a large cross-country sample, but with a negative sign using panel data for Latin America. Our findings suggest that the main channel of transmission from financial development to growth is the efficiency of investment, rather than its volume. We also present a model where the negative correlation between financial intermediation and growth results from financial liberalization in a poor regulatory environment</subfield></datafield><datafield tag="533" ind1=" " ind2=" "><subfield code="a">Online-Ausg</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">De Gregorio, Jose</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="x">Verlag</subfield><subfield code="z">URL des Erstveröffentlichers</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-1-IMF</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-033724294</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="l">UBW01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="l">UEI01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="l">LCO01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="l">SBR01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="l">UER01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="l">SBG01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="l">UBG01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="l">FAN01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="l">UBT01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="l">FKE01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="l">UBY01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="l">UBA01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="l">FLA01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="l">UBM01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="l">UPA01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="l">UBR01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="l">FHA01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="l">FNU01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="l">BSB01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml</subfield><subfield code="l">TUM01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield></record></collection> |
id | DE-604.BV048345026 |
illustrated | Not Illustrated |
index_date | 2024-07-03T20:13:19Z |
indexdate | 2024-07-10T09:35:27Z |
institution | BVB |
isbn | 1451852452 9781451852455 |
language | English |
oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033724294 |
oclc_num | 1337131843 |
open_access_boolean | |
owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
physical | 1 Online-Ressource (37 p) |
psigel | ZDB-1-IMF |
publishDate | 1992 |
publishDateSearch | 1992 |
publishDateSort | 1992 |
publisher | International Monetary Fund |
record_format | marc |
series2 | IMF Working Papers |
spelling | Guidotti, Pablo Emilio Verfasser aut Financial Development and Economic Growth Guidotti, Pablo Emilio Washington, D.C International Monetary Fund 1992 1 Online-Ressource (37 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 92/101 This paper examines the empirical relationship between long-run growth and the degree of financial development, proxied by the ratio of bank credit to the private sector as a fraction of GDP. We find that this proxy enters significantly and with a positive sign in growth regressions on a large cross-country sample, but with a negative sign using panel data for Latin America. Our findings suggest that the main channel of transmission from financial development to growth is the efficiency of investment, rather than its volume. We also present a model where the negative correlation between financial intermediation and growth results from financial liberalization in a poor regulatory environment Online-Ausg De Gregorio, Jose Sonstige oth http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Guidotti, Pablo Emilio Financial Development and Economic Growth |
title | Financial Development and Economic Growth |
title_auth | Financial Development and Economic Growth |
title_exact_search | Financial Development and Economic Growth |
title_exact_search_txtP | Financial Development and Economic Growth |
title_full | Financial Development and Economic Growth Guidotti, Pablo Emilio |
title_fullStr | Financial Development and Economic Growth Guidotti, Pablo Emilio |
title_full_unstemmed | Financial Development and Economic Growth Guidotti, Pablo Emilio |
title_short | Financial Development and Economic Growth |
title_sort | financial development and economic growth |
url | http://elibrary.imf.org/view/IMF001/02331-9781451852455/02331-9781451852455/02331-9781451852455.xml |
work_keys_str_mv | AT guidottipabloemilio financialdevelopmentandeconomicgrowth AT degregoriojose financialdevelopmentandeconomicgrowth |