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

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ShenEconLetters2013.pdf (369.33 KB)

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Abstract

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

URI

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

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Economics Faculty Research and Publications

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