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Cited by 4,414Monetary Policy and Economic ImpactEconomic Growth and ProductivityBanking stability, regulation, efficiency

Financial intermediation and growth: Causality and causes

Levine, Ross, Loayza, Norman, Beck, Thorsten·2000·Journal of Monetary Economics
DOI 10.1016/s0304-3932(00)00017-9
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Crossref · 10.1016/s0304-3932(00)00017-9

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  • If Bolivia had the average value of financial development in 1960, holding other things constant, it would have grown about 0.4 percent faster per annum, and by 1990 real per capita GDP would have been about 13 percent larger.

    “They suggest that if Bolivia had the average value of financial development in 1960, then, holding other things constant, it would have grown about 0.4 percent faster per annum, so that by 1990 real per capita GDP would have been about 13 percent larger than it was.”

    From Finance, Growth, and Inequality (2021) · cites this paper as Levine et al. (2000)

  • An exogenous increase in Argentina's Private Credit from 16 to the developing country sample mean of 25 would have increased Argentina's real per capita GDP growth by one percentage point.

    “The estimates suggest that an exogenous increase in Argentina's Private Credit (16) to the developing country sample mean (25) would have increased Argentina's real per capita GDP growth by one percentage point.”

    From Finance, Growth, and Inequality (2021) · cites this paper as Levine et al. (2000)

  • Instrumental variable results using legal origin as an instrument for Private Credit confirm that greater financial development is associated with faster economic growth.

    “The instrumental variable results based on using the legal origin indicators as instruments for Private Credit confirm the cross-country regression findings: greater financial development is associated with faster economic growth.”

    From Finance, Growth, and Inequality (2021) · cites this paper as Levine et al. (2000)

  • The estimated impact of financial development on growth is economically significant.

    “Furthermore, the estimated impact of financial development on growth is economically significant.”

    From Finance, Growth, and Inequality (2021) · cites this paper as Levine et al. (2000)

  • The exogenous component of financial development is positively associated with growth.

    “These studies find that the exogenous component of financial development is positively associated with growth.”

    From Finance, Growth, and Inequality (2021) · cites this paper as Levine et al. (2000)

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Authors
Levine, R., Loayza, N., & Beck, T.
Affiliations
  • University of Minnesota (US)
  • World Bank (US)
Corresponding author
Levine, Ross
ORCID
Levine, Ross
Venue
Journal of Monetary Economics
Publisher
Elsevier BV
Published
2000-08
Volume
46
Issue
1
Pages
31-77
ISSN
0304-3932 (ISSN-L)
DOI
10.1016/s0304-3932(00)00017-9
OpenAlex
W3122790390
Cited by
4,414
References
2
Citations by year
2026: 75 · 2025: 120 · 2024: 146 · 2023: 166 · 2022: 141 · 2021: 193 · 2020: 211 · 2019: 217 · 2018: 194 · 2017: 208 · 2016: 171 · 2015: 216 · 2014: 256 · 2013: 232 · 2012: 214
FWCI
232.51
Type
journal article
Language
en
Open access
closed
Licence
www.elsevier.com/tdm/userlicense/1.0/ (tdm)
Locations
  • Journal of Monetary Economics (publishedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
Topics
  • Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic Growth and Productivity
  • Social Sciences › Economics, Econometrics and Finance › Finance › Banking stability, regulation, efficiency
Keywords
financial intermediation, financial development, economic growth, causality, creditor protection, contract enforcement, accounting standards, legal system, accounting systems, financial reform, cross-national differences

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