haku: @author Love, I. / yhteensä: 5
viite: 2 / 5
| Tekijä: | Fisman, R. Love, I. |
| Otsikko: | Financial dependence and growth revisited |
| Lehti: | Journal of the European Economic Association
2007 : APR/MAY, VOL. 5:2-3, p. 470-479 |
| Asiasana: | capital markets finance industries growth models international USA |
| Kieli: | eng |
| Tiivistelmä: | A highly influential paper on financial dependence (hereafter as: fin-dep.) and growth by Rajan and Zingales (1998) (here as: R. and Z.) is revisited. This paper proposes a more direct measure of growth opportunities: If U.S. capital markets are perfect, then actual growth in the U.S. is a good proxy for global growth opportunities. This is tested directly, by including U.S. industry growth in R. and Z.'s original specification. It is found that this paper's direct growth measure outperforms R. and Z.'s fin-dep. measure being less vulnerable to controlling for outliers and level of development etc. |
SCIMA