The Econometrics of Finance and Growth

This paper reviews different econometric methodologies to assess the relationship between financial development and growth. It illustrates the identification problem, which is at the center of the finance and growth literature, using the example o...

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Bibliographic Details
Main Author:	Beck, Thorsten
Format:	Policy Research Working Paper
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ABSENCE OF CREDIT ACCESS TO CREDIT ACCESS TO FINANCE ACCESS TO FINANCIAL SERVICES ACCOUNTING AGGREGATE LEVEL AGRICULTURE AMOUNT OF CREDIT ANNUAL GROWTH ANNUAL GROWTH RATE AUTOREGRESSION AVERAGE GROWTH AVERAGE GROWTH RATE BAD BANKS BANK BRANCH BANK POLICY BANKING CRISIS BANKING INSTITUTIONS BANKING SECTOR BANKING SECTOR DEVELOPMENT BANKING SYSTEMS BANKS BENCHMARK BIASES BOND BONDS BORROWING BUSINESS CYCLE CAPITAL ACCUMULATION CAPITAL ALLOCATION CASH FLOW CASH HOLDINGS COMPETITIVENESS CONSUMER CREDIT CONSUMPTION EXPENDITURES CORPORATE GOVERNANCE COUNTRY CHARACTERISTICS COUNTRY DATA COUNTRY REGRESSIONS COUNTRY SPECIFIC COVARIANCE MATRIX CREDIT ACCESS CREDIT CONSTRAINED FIRMS CREDIT CONSTRAINTS CREDIT INSTITUTION CREDIT MARKET CREDIT PROGRAM CREDIT PROGRAMS DATA SETS DEMAND FOR MONEY DEPENDENT VARIABLE DEPOSIT DEPOSIT INSURANCE DEREGULATION DEVELOPED COUNTRIES DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT INDICATORS DEVELOPMENT RESEARCH DISAGGREGATED LEVEL DYNAMIC PANEL EARNINGS ECONOMETRIC MODELS ECONOMETRICS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC HISTORY ECONOMIC LITERATURE ECONOMIC PERFORMANCE ECONOMIC STATISTICS ECONOMIC STUDIES ECONOMICS ECONOMICS LETTERS EMPIRICAL STUDIES EMPLOYMENT EQUATIONS ENDOGENOUS VARIABLES ERROR TERM ERROR TERMS ESTIMATION TECHNIQUES EXCLUSION EXOGENOUS VARIABLES EXPENDITURES EXPLANATORY VARIABLES EXTERNAL FINANCE EXTERNAL FINANCING FARMERS FEDERAL RESERVE FINANCIAL DEPTH FINANCIAL DEVELOPMENT FINANCIAL FRAGILITY FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIARY FINANCIAL INTERMEDIATION FINANCIAL LIBERALIZATION FINANCIAL MARKETS FINANCIAL OUTREACH FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR INDICATORS FINANCIAL STRUCTURE FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCING NEED FINANCING NEEDS FINANCING OBSTACLE FINANCING OBSTACLES FIXED EFFECTS GDP PER CAPITA GENDER GNP GROUP LENDING GROWTH EFFECT GROWTH IMPACT GROWTH LITERATURE GROWTH MODELS GROWTH RATE GROWTH RATES GROWTH REGRESSION GROWTH REGRESSIONS HOLDINGS HOUSEHOLD DATA HOUSEHOLD SURVEYS HOUSEHOLD WELFARE HOUSEHOLDS INCOME DISTRIBUTION INCOME INEQUALITY INDIVIDUAL COUNTRIES INDUSTRIALIZATION INDUSTRIALIZED COUNTRIES INEQUALITY INFORMATION ASYMMETRIES INSTITUTIONAL INVESTORS INSTRUMENT INTERNAL FUNDS INTERNATIONAL BANK INTERNATIONAL ECONOMICS INTERNATIONAL TRADE INVESTMENT DECISION INVESTMENT DECISIONS INVESTMENT PROJECTS LABOR MARKET LAGGED DEPENDENT LAGGED LEVELS LAGGED VALUES LEGAL CONSTRAINTS LEGAL REFORMS LIQUID ASSETS LIQUIDITY LOAN LONG RUN M2 M3 MACROECONOMIC VARIABLES MARGINAL COST MARGINAL PRODUCT MARKET CONSTRAINTS MARKET DEVELOPMENT MARKET LIQUIDITY MAXIMUM LIKELIHOOD ESTIMATION MICRO-DATA MICRO-ENTERPRISES MICROCREDIT MICRODATA MICROENTERPRISES MICROFINANCE MICROFINANCE INSTITUTIONS MONETARY ECONOMICS NORMAL DISTRIBUTION 0 HYPOTHESIS OPEN ECONOMIES OPTIMAL INVESTMENT OUTREACH PANEL REGRESSIONS PAYMENT SERVICES PER CAPITA GROWTH PHYSICAL CAPITAL POLICY CHANGE POLICY CHANGES POLICY INTERVENTIONS POLICY REFORMS POLICY RESEARCH POLICY VARIABLES POLITICAL ECONOMY POOR HOUSEHOLDS POVERTY LEVELS PRIVATE CREDIT PRODUCTIVITY GROWTH PROPERTY RIGHTS REAL GDP REINVESTMENT RELATIVE IMPORTANCE RESOURCE ALLOCATION RETURNS SALES GROWTH SAVINGS SECURITIES SERIAL CORRELATION SHORT-TERM BORROWING SIGNIFICANT CORRELATION SIGNIFICANT EFFECT SMALL ENTERPRISES STANDARD DEVIATION STATISTICAL ANALYSIS STOCK MARKET STOCK MARKET DEVELOPMENT STOCK MARKETS SUPPLY CURVE TRADE CREDIT TRADE OPENNESS TRANSACTION TRANSACTION COSTS TURNOVER VALUE ADDED VILLAGE VILLAGES
Online Access:	http://documents.worldbank.org/curated/en/2008/04/9385090/econometrics-finance-growth http://hdl.handle.net/10986/6703