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Cited by 7,730

The DOI matches its Crossref record; 5 of the 5 references it cites were found in a registry or an index.

Financial Dependence and Growth

Open access
Rajan, Raghuram, Zingales, Luigi·1996·National Bureau of Economic Research
DOI 10.3386/w5758
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Abstract

Does finance affect economic growth?A number of studies have identified a positive correlation between the level of development of a country's financial sector and the rate of growth of its per capita income.As has been noted elsewhere, the observed correlation does not necessarily imply a causal relationship.This paper examines whether financial development facilitates economic growth by scrutinizing one rationale for such a relationship; that financial development reduces the costs of external finance to firms.Specifically, we ask whether industrial sectors that are relatively more in need of external finance develop disproportionately faster in countries with more developed financial markets.We find this to be true in a large sample of countries over the 1980s.We show this result is unlikely to be driven by omitted variables, outliers, or reverse causality,

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Metadata

Authors
Rajan, R., & Zingales, L.
Venue
National Bureau of Economic Research
Publisher
National Bureau of Economic Research
Published
1996-09
Volume
88
Issue
3
Pages
559-586
DOI
10.3386/w5758
OpenAlex
W2096874528
Cited by
7,730
References
5
Type
report
Language
en
Open access
green

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