Does Local Financial Development Matter?
Open accessAbstract
We study the effects of differences in local financial development within an integrated financial market.To do so, we construct a new indicator of financial development by estimating a regional effect on the probability that, ceteris paribus, a household is shut off from the credit market.By using this indicator we find that financial development enhances the probability an individual starts his own business, favors entry, increases competition, and promotes growth of firms.As predicted by theory, these effects are weaker for larger firms, which can more easily raise funds outside of the local area.Overall, the results suggest local financial development is an important determinant of the economic success of an area even in an environment where there are no frictions to capital movements.
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Local financial development enhances the probability that an individual starts a business.
“Guiso, Sapienza, and Zingales (2002) find that local financial development (i) enhances the probability that an individual starts a business”
From Finance, Growth, and Inequality (2021) · cites this paper as Guiso, Sapienza, and Zingales (2002)
Local financial development promotes the growth of firms.
“(iii) promotes the growth of firms.”
From Finance, Growth, and Inequality (2021) · cites this paper as Guiso, Sapienza, and Zingales (2002)
Local financial development increases industrial competition.
“(ii) increases industrial competition”
From Finance, Growth, and Inequality (2021) · cites this paper as Guiso, Sapienza, and Zingales (2002)
The effects of local financial development are weaker for large firms that can more easily raise funds outside the local area.
“These results are weaker for large firms that can more easily raise funds outside of the local area.”
From Finance, Growth, and Inequality (2021) · cites this paper as Guiso, Sapienza, and Zingales (2002)
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- Authors
- Guiso, L., Sapienza, P., & Zingales, L.
- Affiliations
- Northwestern University (US)
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 2002-05
- OpenAlex
- W4299354792
- Cited by
- 137
- References
- 29
- Citations by year
- 2024: 4 · 2023: 5 · 2022: 2 · 2021: 7 · 2020: 1 · 2019: 2 · 2018: 5 · 2017: 16 · 2016: 5 · 2015: 3 · 2014: 3 · 2013: 1 · 2012: 5
- Type
- report
- Language
- en
- Open access
- green
- doi.org
- Locations
- National Bureau of Economic Research (publishedVersion)
- 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 › Regional Economics and Spatial Analysis
- Social Sciences › Economics, Econometrics and Finance › Finance › Banking stability, regulation, efficiency
- Keywords
- local financial development, regional financial development, access to credit, household credit constraints, entrepreneurship, firm entry, market competition, business growth, capital mobility
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Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
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