Financial Development and Corporate Growth in the EU Single Market

被引：7

作者：

Bena, Jan ^{[1
]}

Jurajda, Stepan ^{[2
,3
]}

机构：

[1] Univ British Columbia, Vancouver, BC V5Z 1M9, Canada

[2] CERGE EI Charles Univ Prague, Prague, Czech Republic

[3] CERGE EI Acad Sci Czech Republic, Prague, Czech Republic

来源：

ECONOMICA | 2011年 / 78卷 / 311期

关键词：

PROGRAM;

D O I：

10.1111/j.1468-0335.2009.00822.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The establishment of the EU-15 'single market' in 1993 brought about a high degree of similarity in firms' growth opportunities across countries, while substantial diversity existed in the development of national financial markets. We compare within-industry growth rates of similar 'single market' firms facing financial systems of different depth and institutional quality as of 1993. Moving from the least to the most developed financial market within the EU-15 boosts firms' annual value-added growth by about three percentage points. Our results also suggest that the growth gap due to initially underdeveloped financial systems was closed by 2003.

引用

页码：401 / 428

页数：28

共 28 条

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ALLEN F, 2006, 0544 WHART FIN I CTR

[2]

Allen Franklin., 2004, Credit, Intermediation, and the Macroeconomy: Readings and Perspectives

[3]

[Anonymous], 2005, NBER Working Paper No. 11349

[4] Has the EU's single market programme fostered competition? Testing for a decrease in mark-up ratios in EU industries [J].