Financial development and TFP growth: Cross-country and industry-level evidence

Arbeitspapier

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.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Working Paper ; No. 682

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity ; Financial Markets and the Macroeconomy ; Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
• Thema: Financial development ; TFP growth ; Volatility ; Produktivität ; Kreditmarkt ; Wirtschaftswachstum ; Finanzsektor ; Vergleich ; Welt

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Arizala, Francisco ; Cavallo, Eduardo ; Galindo, Arturo
• Ereignis: Veröffentlichung
• (wer): Inter-American Development Bank, Research Department
• (wo): Washington, DC
• (wann): 2009

Weitere Informationen

• Handle: http://hdl.handle.net/10419/51444
• Letzte Aktualisierung: 10.03.2025, 11:45 MEZ