Corporate Finance, Financial Development, and Growth

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While there is consensus in that financial development exerts a positive effect on growth, the identification of the actual transmission channels is much less clear. Our work intends to contribute evidence on the role of the financial system in overcoming informational asymmetries. Starting from the...

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Autor principal: Bebczuk, Ricardo Néstor
Formato: Objeto de conferencia
Lenguaje:Inglés
Publicado: 1999
Materias:
Ciencias Económicas
Finanzas
Acceso en línea:http://sedici.unlp.edu.ar/handle/10915/169231
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SEDICI (UNLP) de Universidad Nacional de La Plata
id I19-R120-10915-169231
record_format dspace
spelling I19-R120-10915-1692312024-08-29T04:07:49Z http://sedici.unlp.edu.ar/handle/10915/169231 Corporate Finance, Financial Development, and Growth Bebczuk, Ricardo Néstor 1999 1999 2024-08-28T18:54:57Z en Ciencias Económicas Finanzas While there is consensus in that financial development exerts a positive effect on growth, the identification of the actual transmission channels is much less clear. Our work intends to contribute evidence on the role of the financial system in overcoming informational asymmetries. Starting from the observation that internal funds (retained earnings plus depreciation) are the primary source of funds in most countries, we use a simple growth model with asymmetric information to show that the proportion of private investment financed with bank credit is positively associated to growth. After controlling for some factors, this ratio may be used as a proxy for the extent of (directly unobservable) informational asymmetries. Applying a dynamic panel data technique on a cross-country database we find empirical support for the model. Facultad de Ciencias Económicas Objeto de conferencia Objeto de conferencia http://creativecommons.org/licenses/by-nc-sa/4.0/ Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0) application/pdf
institution Universidad Nacional de La Plata
institution_str I-19
repository_str R-120
collection SEDICI (UNLP)
language Inglés
topic Ciencias Económicas
Finanzas
spellingShingle Ciencias Económicas
Finanzas
Bebczuk, Ricardo Néstor
Corporate Finance, Financial Development, and Growth
topic_facet Ciencias Económicas
Finanzas
description While there is consensus in that financial development exerts a positive effect on growth, the identification of the actual transmission channels is much less clear. Our work intends to contribute evidence on the role of the financial system in overcoming informational asymmetries. Starting from the observation that internal funds (retained earnings plus depreciation) are the primary source of funds in most countries, we use a simple growth model with asymmetric information to show that the proportion of private investment financed with bank credit is positively associated to growth. After controlling for some factors, this ratio may be used as a proxy for the extent of (directly unobservable) informational asymmetries. Applying a dynamic panel data technique on a cross-country database we find empirical support for the model.
format Objeto de conferencia
Objeto de conferencia
author Bebczuk, Ricardo Néstor
author_facet Bebczuk, Ricardo Néstor
author_sort Bebczuk, Ricardo Néstor
title Corporate Finance, Financial Development, and Growth
title_short Corporate Finance, Financial Development, and Growth
title_full Corporate Finance, Financial Development, and Growth
title_fullStr Corporate Finance, Financial Development, and Growth
title_full_unstemmed Corporate Finance, Financial Development, and Growth
title_sort corporate finance, financial development, and growth
publishDate 1999
url http://sedici.unlp.edu.ar/handle/10915/169231
work_keys_str_mv AT bebczukricardonestor corporatefinancefinancialdevelopmentandgrowth
_version_ 1809234758888062976

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