| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w10236
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| 来源ID | Working Paper 10236
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| Financial Development and Growth in the Short and Long Run |
| Raymond Fisman; Inessa Love
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| 发表日期 | 2004-01-26
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| 出版年 | 2004
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| 语种 | 英语
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| 摘要 | We analyze the relationship between financial development and inter-industry resource allocation in the short- and long-run. We suggest that in the long-run, economies with high rates of financial development will devote relatively more resources to industries with a 'natural' reliance on outside finance due to a comparative advantage in these industries. By contrast, in the short-run we argue that financial development facilitates the reallocation of resources to industries with good growth opportunities, regardless of their reliance on outside finance. To test these predictions, we use a measure of industry-level 'technological' financial dependence based on the earlier work of Rajan and Zingales (1998), and develop new proxies for shocks to (short run) industry growth opportunities. We find differential effects of these measures on industry growth and composition in countries with different levels of financial development. We obtain results that are consistent with financially developed economies specializing in 'financially dependent' industries in the long-run, and allocating resources to industries with high growth opportunities in the short-run. |
| 主题 | Financial Economics
; Financial Markets
; Development and Growth
; Development
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| URL | https://www.nber.org/papers/w10236
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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/567865
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推荐引用方式
GB/T 7714 |
Raymond Fisman,Inessa Love. Financial Development and Growth in the Short and Long Run. 2004.
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文件名：
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w10236.pdf
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格式：
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Adobe PDF
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