Arbeitspapier
Financial Development, Economic Growth and Corporate Governance
During the last years the relationship between financial development and economic growth has received widespread attention in the literature on growth and development. This paper summarises in its first part the results of this research, stressing the growth-enhancing effects of an increased interpersonal re-allocation of resources promoted by financial development. The second part of the paper seeks to identify the determinants of financial development based on Diamond's theory of financial intermediation as delegated monitoring. The analysis shows that the quality of corporate governance of banks is the key factor in financial system development. Accordingly, financial sector reforms in developing countries will only succeed if they strengthen the corporate governance of financial institutions. In this area, financial institution building has an important contribution to make.
- Language
-
Englisch
- Bibliographic citation
-
Series: Working Paper Series: Finance & Accounting ; No. 12
- Classification
-
Wirtschaft
Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
Economic Growth and Aggregate Productivity: General
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Corporate Finance and Governance: Government Policy and Regulation
Asymmetric and Private Information; Mechanism Design
- Subject
-
Asymmetric Information
Corporate Governance
Economic Growth
Financial Development
Financial Intermediation
Finanzsektor
Entwicklung
Neue Wachstumstheorie
Finanzintermediation
Prinzipal-Agent-Theorie
Corporate Governance
Bankenregulierung
Theorie
- Event
-
Geistige Schöpfung
- (who)
-
Winkler, Adalbert
- Event
-
Veröffentlichung
- (who)
-
Johann Wolfgang Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften
- (where)
-
Frankfurt a. M.
- (when)
-
1998
- Handle
- URN
-
urn:nbn:de:hebis:30-18582
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Winkler, Adalbert
- Johann Wolfgang Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften
Time of origin
- 1998
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