| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w9582
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| 来源ID | Working Paper 9582
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| Financial Dependence and Growth Revisited |
| Raymond Fisman; Inessa Love
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| 发表日期 | 2003-03-24
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| 出版年 | 2003
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| 语种 | 英语
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| 摘要 | In this note, we revisit an earlier, highly influential paper on Financial Dependence and Growth by Rajan and Zingales (1998), by re-examining their assumptions, and the robustness of their results to alternative theories and interpretations. We first show that they may be implicitly testing whether financial intermediaries allow firms to better respond to global shocks to growth opportunities, rather than the extent that financial intermediaries allow firms to grow in industries with an inherent (technological) financial dependence. Furthermore, if this is the case, we claim that there exists a more direct measure of growth opportunities. In particular, if U.S. capital markets are perfect, then actual growth in the U.S. is a good proxy for global growth opportunities. We test this directly, by including U.S. industry growth in Rajan and Zingales' original specification, and find that our direct growth measure outperforms their financial dependence measure and, moreover, is less vulnerable to controlling for outliers and level of development. This still suggests an important role for finance in the allocation of resources, but shifts the emphasis from 'financial dependence' to 'global growth opportunities.' |
| 主题 | Financial Economics
; Financial Markets
; Financial Institutions
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| URL | https://www.nber.org/papers/w9582
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567205
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推荐引用方式
GB/T 7714 |
Raymond Fisman,Inessa Love. Financial Dependence and Growth Revisited. 2003.
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文件名：
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w9582.pdf
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格式：
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Adobe PDF
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