Finance and the Sources of Growth at Various Stages of Economic Development
Felix RiojaRioja: Assistant Professor, Economics Department, AYSPS, Georgia State University, Atlanta, GA 30303–3084. Phone 1–404–651–0417,Neven T. ValevValev: Assistant Professor, Economics Department, AYSPS, Georgia State University, Atlanta, GA 30303–3084. Phone 1–404–651–0418,
2003en
ABI
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This article studies the effects of financial development on the sources of growth in different groups of countries. Recent theoretical work shows that financial development may affect productivity and capital accumulation in different ways in industrial versus developing countries. This hypothesis is tested with panel data from 74 countries using GMM dynamic panel techniques. Results are consistent with the hypothesis: finance has a strong positive influence on productivity growth primarily in more developed economies. In less developed economies, the effect of finance on output growth occurs primarily through capital accumulation.
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