Financial dependence and growth: diminishing returns to improvement in financial development

Shen, Leilei

doi:10.1016/j.econlet.2013.04.018

K-REx Home
> >
Academic Colleges, Departments, and Programs
> >
College of Arts and Sciences
> >
Economics
> >
Economics Faculty Research and Publications
> >
View Item

Financial dependence and growth: diminishing returns to improvement in financial development

Shen, Leilei

This paper examines how much financial development facilitates economic growth by nonparametrically estimating the e ffect of fi nancial development on reducing the costs of external fi nance to fi rms. The data reveal substantial evidence of diminishing returns to improvement in financial development.

Keywords: Financial dependence; Growth; Semiparametric estimation

Journal: Economics Letters, Volume: 120, Issue: 2, Starting Page: 215, Ending Page: 219

Date: 2013

Publisher URL: http://doi.org/10.1016/j.econlet.2013.04.018

Article (author version)

Record URL: http://hdl.handle.net/2097/16758

Rights: This Item is protected by copyright and/or related rights. You are free to use this Item in any way that is permitted by the copyright and related rights legislation that applies to your use. For other uses you need to obtain permission from the rights-holder(s).

Show full item record

Files in this item

View/Open

Filename: ShenEconLetters2013.pdf

Size: 369.3Kb

This item appears in the following Collection(s)

This Item is protected by copyright and/or related rights. You are free to use this Item in any way that is permitted by the copyright and related rights legislation that applies to your use. For other uses you need to obtain permission from the rights-holder(s).

Except where otherwise noted, the use of this item is bound by the following: This Item is protected by copyright and/or related rights. You are free to use this Item in any way that is permitted by the copyright and related rights legislation that applies to your use. For other uses you need to obtain permission from the rights-holder(s).