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Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
Working Paper No. 682
Verlag: 
Inter-American Development Bank, Research Department, Washington, DC
Zusammenfassung: 
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.
Schlagwörter: 
Financial development
TFP growth
Volatility
JEL: 
D24
E44
O47
Dokumentart: 
Working Paper

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