FINANCIAL DEVELOPMENT AND THE SOURCES OF GROWTH AND CONVERGENCE*

Oleg Badunenko · Diego Romero‐Ávila

55 citations0/0 files storedInternational Economic Review

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Economic Growth and Productivity Monetary Policy and Economic Impact Efficiency Analysis Using DEA

Abstract

We extend the deterministic, nonparametric production frontier framework by incorporating financial development. Our analysis convincingly shows that (1) failure to account for financial development overstates the role of physical capital accumulation in labor productivity growth, (2) most of this overstated contribution stems from the efficiency‐enhancing role of well‐functioning financial institutions, (3) international polarization is solely driven by efficiency changes, and (4) increased distributional dispersion of productivity is primarily driven by technological change. Model’s extensions to account for the growth effect of changes in the institutional environment only add to the argument about the overstated role of physical capital.

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1988On the mechanics of economic development 1986Increasing Returns and Long-Run Growth 1990Endogenous Technological Change 1957The Measurement of Productive Efficiency 1989Endogenous Technological Change 1997Legal Determinants of External Finance 1993Finance and Growth: Schumpeter Might Be Right 1996Financial Dependence and Growth

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