Quantifying the impact of financial development on economic development

被引：139
|
作者：
Greenwood, Jeremy [1 ]
Sanchez, Juan M. [2 ]
Wang, Cheng [3 ,4 ]
机构：
[1] Univ Penn, Dept Econ, Philadelphia, PA 19104 USA
[2] Fed Reserve Bank St Louis, Div Res, St Louis, MO 63166 USA
[3] Fudan Univ, Sch Econ, Shanghai 200433, Peoples R China
[4] Iowa State Univ, Dept Econ, Ames, IA 50011 USA
来源：
REVIEW OF ECONOMIC DYNAMICS | 2013年 / 16卷 / 01期
基金：
美国国家科学基金会;
关键词：
Costly state verification; Economic development; Financial intermediation; Firm-size distributions; Interest-rate spreads; Cross-country output differences; Cross-country differences in financial sector productivity; Cross-country TFP differences; LEGAL INSTITUTIONS; GROWTH; INTERMEDIATION; PRODUCTIVITY;
D O I：
10.1016/j.red.2012.07.003
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
How important is financial development for economic development? A costly state verification model of financial intermediation is presented to address this question. The model is calibrated to match facts about the U.S. economy, such as the intermediation spreads and the firm-size distributions for 1974 and 2004. It is then used to study the international data using cross-country interest-rate spreads and per-capita GDPs. The analysis suggests a country like Uganda could increase its output by 116 percent if it could adopt the world's best practice in the financial sector. Still, this amounts to only 29 percent of the gap between Uganda's potential and actual output. (C) 2012 Elsevier Inc. All rights reserved.
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页码：194 / 215
页数：22
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