5,630 research outputs found
Il processo di integrazione economica e monetaria in Europa
No full textVersione italiana a cura di Rosa Capolupo e Giuseppe Cel
Struttura finanziaria, divari regionali e crescita economica: il dibattito teorico e l'evidenza empirica
No full textStruttura finanziaria, divari regionali e crescita: il dibattito teorico e l'evidenza empirica
R. Capolupo, G. Celi pp. 761-822
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[pdf 187K]
Abstract
The relationship between financial development and economic growth has received enormous attention in the economic literature in the last decade. The widely-accepted finding is that "financial development" has a positive effect on growth at either aggregate or industry, or firm, levels. While the impact of "financial structure" on growth has received less support. This paper aims at providing an overview of the theoretical and empirical findings by pointing out that the finance-growth nexus has been present in the research agenda of Italian economists since the Seventies and it is still much alive. More specifically, the recent research agenda of Italian economists tries to explain how financial systems can shrink regional the growth differential by looking at new quality indices of bank efficiency and at spatial accessibility of financial funds. The paper elucidates what financial structure, banks or markets, is more conducive to economic growth.
Keywords
financial development, economic growth, stock market, banks
Prima pagina articolo
The New Growth Theories and Their Empirics after Twenty Years
No full textIn this work we update the reviews on endogenous growth theories, after two decades of theoretical and empirical contributions in order to explore whether recent empirical studies have become more supportive of their main predictions. Among the core topics studied in the growth econometric framework, namely, convergence, identification of growth determinants and factors responsible for growth differences in the data, the primary focus of this paper is on the last two. We will review, from macro growth regressions, studies that test primarily the performance of endogenous models in terms of significance and robustness of the coefficients of growth determinants. By highlighting methodological issues and critical discussion, we argue that: (i) causal inference drawn from the empirical growth literature remains highly questionable, (ii) there are estimates for a wide range of potential factors but their magnitude and robustness are still under debate. Our conclusion, however, is that, if properly interpreted, the predictions of endogenous growth models are increasingly gathering empirical support
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