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Research Department Working Papers, Inter-American Development Bank >
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http://hdl.handle.net/10419/51444
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| Title: | | Financial development and TFP growth: Cross-country and industry-level evidence  |
| Authors: | | Arizala, Francisco Cavallo, Eduardo Galindo, Arturo |
| Issue Date: | | 2009 |
| Series/Report no.: | | Working paper // Inter-American Development Bank, Research Department 682 |
| Abstract: | | This paper estimates the impact of financial development on industry-level total factor productivity (TFP) growth using a largely unexploited panel of 77 countries with data for 26 manufacturing industries for the years 1963 to 2003. A significant relationship is found between financial development and industry-level TFP growth when controlling for country-time and industry-time fixed effects. The results are both statistically and economically significant. TFP growth can accelerate up to 0.6 percent per year, depending on the external finance requirement of industries, following a one standard deviation increase in financial development. The results are robust to different samples and specifications. |
| Subjects: | | Financial development TFP growth Volatility |
| JEL: | | D24 E44 O47 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Research Department Working Papers, Inter-American Development Bank
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