Contributions of Financial Systems to Growth in OECD Countries

Michael Leahy · Sebastian Schich · Gert Wehinger · Florian Pelgrin · Þorsteinn Þorgeirsson

142 citations0/0 files storedOECD Economics Department working papers

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Monetary Policy and Economic Impact Economic Growth and Productivity Finance, Markets, and Regulation

Abstract

The recent period of sustained high growth in the United States has drawn attention to its financial system and the efficiency with which it seems to be able to channel funds to new productive investment projects, particularly in hi-tech industries.This study examines the role played by the financial systems in OECD countries and how they affect resource allocation and growth.It provides evidence suggesting that legal and regulatory framework conditions for financial systems, and particularly their enforcement and transparency, support innovation and investment in new enterprises.In addition, using dynamic panel regression techniques, the study finds significant relationships between investment and financial development, as measured by indicators of the scale of financial activity.Evidence is also found of significant relationships between financial development and growth -over and above the links via investment -indicating impacts via overall economic efficiency.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 142 citations exist upstream.

References

1991Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations 1998Initial conditions and moment restrictions in dynamic panel data models 2003Testing for unit roots in heterogeneous panels 1995Initial conditions and moment restrictions in dynamic panel data models 1997Legal Determinants of External Finance 1983Bank Runs, Deposit Insurance, and Liquidity 1993Finance and Growth: Schumpeter Might Be Right 1996Financial Dependence and Growth

Cited by

2004The sources of economic growth in OECD countries 2004Bank Regulation and Macroeconomic Fluctuations 2001Economic Growth: The Role of Policies and Institutions 2002Foreign Direct Investment for Development 2006Safeguarding Financial Stability: Theory and Practice 2003The Driving Forces of Economic Growth

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.