What Type of Finance Matters for Growth? : Bayesian Model Averaging Evidence

This paper examines the effect of finance on long-term economic growth using Bayesian model averaging to address model uncertainty in cross-country growth regressions. The literature largely focuses on financial indicators that assess the financial...

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Bibliographic Details
Main Authors:	Hasan, Iftekhar, Horvath, Roman, Mares, Jan
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2016
Subjects:	FINANCIAL INNOVATION ECONOMIC GROWTH EQUIPMENT TRADE CREDIT CHECKS ACCOUNTING CAPITAL ACCUMULATION FOREIGN DIRECT INVESTMENTS FINANCING STOCK FOREIGN EXCHANGE MARKET INTEREST PUBLIC EDUCATION DUMMY VARIABLES GUARANTEES ENROLLMENT BIAS PROPERTY RIGHTS PRIVATE CREDIT EXCHANGE STOCK MARKET HEDGE FUNDS INTERNATIONAL FINANCIAL MARKETS DEVELOPING COUNTRIES BANKING SYSTEMS BLACK MARKET POLITICAL ECONOMY OUTSTANDING CREDIT BARRIER TO ENTRY LOAN BORROWERS STOCK MARKET CAPITALIZATION DUMMY VARIABLE CAPITAL MARKET LIBERALIZATION INTERNATIONAL BANK FINANCIAL ACCESS INDICATORS CREDIT BANK INSTRUMENTS BANK LENDING EXTERNAL FINANCE PRIVATE BOND SAVINGS LEGAL CONSTRAINTS SECURITIES MARKET FINANCIAL STUDIES BOND MARKET CAPITALIZATION EXCHANGE RATES TRADING OPTIONS MONETARY FUND GLOBALIZATION MARKET TURNOVER MARKETS DEBT CAPITAL MARKET RETURN OPEN ECONOMY BUSINESS CYCLE ECONOMIC POLICIES LOANS ENTERPRISES BANK CREDIT RULE OF LAW FINANCIAL SYSTEM RETURN ON ASSETS FINANCE BANKING SECTOR BANKS INFORMATION ASYMMETRY DEBT FINANCING EQUITY GRANT HUMAN CAPITAL BOND MARKETS GOOD CAPITAL LOANS TO ENTERPRISES FINANCIAL STABILITY LEGAL ENVIRONMENTS PRIVATE SECTOR CREDIT MARKET CAPITALIZATION STUDENT FINANCIAL CRISIS TURNOVER FUTURE BANK RETURNS CREDIT BOND MARKET CAPITALIZATION PRICE STABILITY BANKING SECTOR DEVELOPMENT PROPERTY AMOUNT OF CREDIT SHARES FINANCIAL ACCESS MARKET LOAN QUALITY DEFAULT FOREIGN EXCHANGE MARKET VALUE SECURITIES BANK ACCOUNTS EXTERNAL CAPITAL ECONOMIC DEVELOPMENT MISSING MARKET SECURITY FINANCIAL DEVELOPMENT BANK BRANCH INVESTMENT FINANCIAL INTERMEDIATION BOND FINANCIAL INTERMEDIARIES LACK OF KNOWLEDGE DOMESTIC CREDIT FINANCIAL INSTABILITY SHARE HOUSEHOLDS ECONOMIC CRISIS FINANCIAL MARKETS ACCESS INDICATORS MODERN FINANCIAL SYSTEMS REVENUE BORROWING FOREIGN LANGUAGE INVESTMENTS RISK MANAGEMENT LENDING CHECK CREDIT INCREASES SWAPS EXCHANGE RATE CAPITAL INVESTMENT DIRECT INVESTMENTS BANK BRANCHES FINANCIAL SYSTEMS LIABILITIES HEDGE INTERNATIONAL SETTLEMENTS ASSET PRICE STOCK MARKETS FINANCIAL DEPTH CORPORATE GOVERNANCE
Online Access:	http://documents.worldbank.org/curated/en/2016/04/26241066/type-finance-matters-growth-bayesian-model-averaging-evidence http://hdl.handle.net/10986/24219

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http://documents.worldbank.org/curated/en/2016/04/26241066/type-finance-matters-growth-bayesian-model-averaging-evidence
http://hdl.handle.net/10986/24219

What Type of Finance Matters for Growth? : Bayesian Model Averaging Evidence

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