271 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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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
“Struttura finanziaria, divari regionali e crescita: il dibattito teorico e l’evidenza empirica”
No full textThe relationship between financial development and economic growth has received enormous attention in the economic literature in the last decade. The widely accepted consensus finding is that financial development has a positive effect on growth at either aggregate, or industry or firm levels, while less support has received the impact of financial structure on growth. This paper aims at providing an overview of the theoretical and empirical findings by pointing out that the finance-growth nexus was present in the research agenda of Italian economists since the Seventies and is still alive. More specifically, however, the paper tries to elucidate what financial structure, banks or markets, is more conducive to economic growth
“Openness and growth in alternative trading regimes. Evidence from EEC and CMEA’s customs unions"
No full textWhile common sense would indicate that trade and growth are positively correlated, it is not clear from a theoretical
and empirical perspective whether or not trade is a proximate determinant of growth. The voluminous empirical
efforts in this area show mixed findings. Trying to elucidate the ambiguities in the literature we study the nexus
between trade flows and growth in three groups of countries: historical EEC, the extreme case of CMEA customs
union and a group of transitional economies (TEs), most of which just recently added to the EU member states. The
comparator group of former communist countries, in which trade-openness is not spurred by market incentives,
should be very informative in explaining the impact of trade on growth. Our main finding, by applying different
econometric methodologies, is that either for the EEC or CMEA the coefficient of real openness is negative for the
former two samples and positive for the third. For the EEC the indicator of openness shows a positive sign solely
when the rate of growth of trade share is considered. The findings prove to be robust to variations in the controlling
set, to different econometric techniques, and for the last group of countries to changing in the empirical indicator of
openness (inter and intra-industry trade indicators)
“Openness and Growth in Central-Eastern European Countries”,
No full textWe present evidence of the relationship between trade-openness and growth in the sample of former communist countries before and after the transition from a central planned economy (CPE) to a market economy by applying standard OLS and panel estimation techniques. The main finding is that during the transition the importance of openness on growth per capita has increased sharply by changing the coefficient from a negative sign to a positive and significant one. The result seems to be robust to (i) estimation methods , (ii) different measures of openness adopted and (iii)consistent with the integration view, which states that a higher degree of trade openness spurred by market incentives and comparative advantages enhances the per capita growth rate of economies.
Keywords: economic growth, transition economies, trade openness
JEL Classification: O47, O42, G3
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