The Econometrics of Finance and Growth

Beck, Thorsten

World Bank, Washington, DC

关键词: ABSENCE OF CREDIT;    ACCESS TO CREDIT;    ACCESS TO FINANCE;    ACCESS TO FINANCIAL SERVICES;    ACCOUNTING;   

DOI  :  10.1596/1813-9450-4608
RP-ID  :  WPS4608

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This paper reviews different econometricmethodologies to assess the relationship between financialdevelopment and growth.It illustrates the identificationproblem, which is at the center of the finance and growthliterature, using the example of a simple Ordinary LeastSquares estimation. It discusses cross-sectional and panelinstrumental variable approaches to overcome theidentification problem.It presents the time-seriesapproach, which focuses on the forecast capacity offinancial development for future growth rates, anddifferences-in-differences techniques that try to overcomethe identification problem by assessing the differentialeffect of financial sector development across states withdifferent policies or across industries with different needsfor external finance. Finally, it discusses firm-level andhousehold approaches that allow analysts to dig deeper intothe channels and mechanisms through which financialdevelopment enhances growth and welfare, but pose their ownmethodological challenges.