| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24546 |
| 来源ID | Working Paper 24546 |
| Financial Frictions and the Rule of Law | |
| Ashantha Ranasinghe; Diego Restuccia | |
| 发表日期 | 2018-04-30 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Using cross-country micro establishment-level data we document that crime and lack of access to finance are two major obstacles to business operation in poor and developing countries. Using an otherwise standard model of production heterogeneity that integrates institutional differences in the degree of financial development and the rule of law, we quantify the effects of these institutions on aggregate outcomes and economic development. The model accounts for the patterns across establishments in access to finance and crime as obstacles to their operation. Weaker financial development and rule of law have substantial negative effects on aggregate output, reducing output per capita by 50 percent. Weak rule-of-law institutions substantially amplify the negative impact of financial frictions. While financial markets are crucial for development, an essential precondition to reap the gains from financial liberalization is that property rights are secure. |
| 主题 | Development and Growth ; Development ; Growth and Productivity ; Country Studies |
| URL | https://www.nber.org/papers/w24546 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582219 |
| 推荐引用方式 GB/T 7714 | Ashantha Ranasinghe,Diego Restuccia. Financial Frictions and the Rule of Law. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24546.pdf（560KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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