EconStor >
Bard College, Annandale-on-Hudson (NY) >
Levy Economics Institute of Bard College >
Working Papers, Levy Economics Institute of Bard College >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/31576
  
Title:Financial policies and the aggregate productivity of the capital stock: evidence from developed and developing economies PDF Logo
Authors:Arestis, Philip
Demetriades, Panicos
Fattouh, Bassam
Issue Date:2002
Series/Report no.:Working papers // The Levy Economics Institute 362
Abstract:We collect data on a number of financial restraints, including restrictions on interest rates and capital flows and reserve and liquidity requirements, and capital adequacy requirements from central banks of 14 countries. We estimate the effects of these policies on the aggregate productivity of the capital stock, controlling for the effects of inputs and financial development and using modern econometric techniques. We find that financial development has positive effects on productivity, while the effects of financial policies vary considerably across countries. Our findings demonstrate that financial liberalization is a much more complex process than has been assumed by earlier literature, and its effects on macroeconomic aggregates are ambiguous.
Document Type:Working Paper
Appears in Collections:Working Papers, Levy Economics Institute of Bard College

Files in This Item:
File Description SizeFormat
503947156.pdf433.59 kBAdobe PDF
No. of Downloads: Counter Stats
Download bibliographical data as: BibTeX
Share on:http://hdl.handle.net/10419/31576

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.