Corporate finance, financial development, and growth

Autores
Bebczuk, Ricardo Nestor
Año de publicación
2001
Idioma
inglés
Tipo de recurso
documento de conferencia
Estado
versión publicada
Descripción
A great deal of empirical work has convincingly shown that there is a positive association between financial development and economic growth, and some recent work has even provided evidence that the former causes the latter. What is less clear is the identification of the actual transmission channel. This paper is an attempt in this direction, with particular emphasis placed on the role of the financial system in alleviating informational asymmetries. While research in this field has highlighted the benefits of well developed financial systems, the observation that internal funds (retained earnings plus depreciation) constitute by far the main source of funds of the corporate sector has not gained any attention. We believe that the informational frictions that lie behind this phenomenon may be part of the missing empirical link between financial system and growth. In particular, we will show that such frictions create a financing constraint that reduces investment and growth.
Departamento de Economía
Materia
Ciencias Económicas
crecimiento económico
sistema financiero
Nivel de accesibilidad
acceso abierto
Condiciones de uso
http://creativecommons.org/licenses/by/3.0/
Repositorio
SEDICI (UNLP)
Institución
Universidad Nacional de La Plata
OAI Identificador
oai:sedici.unlp.edu.ar:10915/3726
Acceder
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spelling Corporate finance, financial development, and growthBebczuk, Ricardo NestorCiencias Económicascrecimiento económicosistema financieroA great deal of empirical work has convincingly shown that there is a positive association between financial development and economic growth, and some recent work has even provided evidence that the former causes the latter. What is less clear is the identification of the actual transmission channel. This paper is an attempt in this direction, with particular emphasis placed on the role of the financial system in alleviating informational asymmetries. While research in this field has highlighted the benefits of well developed financial systems, the observation that internal funds (retained earnings plus depreciation) constitute by far the main source of funds of the corporate sector has not gained any attention. We believe that the informational frictions that lie behind this phenomenon may be part of the missing empirical link between financial system and growth. In particular, we will show that such frictions create a financing constraint that reduces investment and growth.Departamento de Economía2001-05info:eu-repo/semantics/conferenceObjectinfo:eu-repo/semantics/publishedVersionObjeto de conferenciahttp://purl.org/coar/resource_type/c_5794info:ar-repo/semantics/documentoDeConferenciaapplication/pdfhttp://sedici.unlp.edu.ar/handle/10915/3726enginfo:eu-repo/semantics/altIdentifier/url/http://www.depeco.econo.unlp.edu.ar/jemi/2001/trabajo3.pdfinfo:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by/3.0/Creative Commons Attribution 3.0 Unported (CC BY 3.0)reponame:SEDICI (UNLP)instname:Universidad Nacional de La Platainstacron:UNLP2025-09-03T10:22:10Zoai:sedici.unlp.edu.ar:10915/3726Institucionalhttp://sedici.unlp.edu.ar/Universidad públicaNo correspondehttp://sedici.unlp.edu.ar/oai/snrdalira@sedici.unlp.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:13292025-09-03 10:22:11.152SEDICI (UNLP) - Universidad Nacional de La Platafalse
dc.title.none.fl_str_mv Corporate finance, financial development, and growth
title Corporate finance, financial development, and growth
spellingShingle Corporate finance, financial development, and growth
Bebczuk, Ricardo Nestor
Ciencias Económicas
crecimiento económico
sistema financiero
title_short Corporate finance, financial development, and growth
title_full Corporate finance, financial development, and growth
title_fullStr Corporate finance, financial development, and growth
title_full_unstemmed Corporate finance, financial development, and growth
title_sort Corporate finance, financial development, and growth
dc.creator.none.fl_str_mv Bebczuk, Ricardo Nestor
author Bebczuk, Ricardo Nestor
author_facet Bebczuk, Ricardo Nestor
author_role author
dc.subject.none.fl_str_mv Ciencias Económicas
crecimiento económico
sistema financiero
topic Ciencias Económicas
crecimiento económico
sistema financiero
dc.description.none.fl_txt_mv A great deal of empirical work has convincingly shown that there is a positive association between financial development and economic growth, and some recent work has even provided evidence that the former causes the latter. What is less clear is the identification of the actual transmission channel. This paper is an attempt in this direction, with particular emphasis placed on the role of the financial system in alleviating informational asymmetries. While research in this field has highlighted the benefits of well developed financial systems, the observation that internal funds (retained earnings plus depreciation) constitute by far the main source of funds of the corporate sector has not gained any attention. We believe that the informational frictions that lie behind this phenomenon may be part of the missing empirical link between financial system and growth. In particular, we will show that such frictions create a financing constraint that reduces investment and growth.
Departamento de Economía
description A great deal of empirical work has convincingly shown that there is a positive association between financial development and economic growth, and some recent work has even provided evidence that the former causes the latter. What is less clear is the identification of the actual transmission channel. This paper is an attempt in this direction, with particular emphasis placed on the role of the financial system in alleviating informational asymmetries. While research in this field has highlighted the benefits of well developed financial systems, the observation that internal funds (retained earnings plus depreciation) constitute by far the main source of funds of the corporate sector has not gained any attention. We believe that the informational frictions that lie behind this phenomenon may be part of the missing empirical link between financial system and growth. In particular, we will show that such frictions create a financing constraint that reduces investment and growth.
publishDate 2001
dc.date.none.fl_str_mv 2001-05
dc.type.none.fl_str_mv info:eu-repo/semantics/conferenceObject
info:eu-repo/semantics/publishedVersion
Objeto de conferencia
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dc.identifier.none.fl_str_mv http://sedici.unlp.edu.ar/handle/10915/3726
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dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv info:eu-repo/semantics/altIdentifier/url/http://www.depeco.econo.unlp.edu.ar/jemi/2001/trabajo3.pdf
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
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Creative Commons Attribution 3.0 Unported (CC BY 3.0)
eu_rights_str_mv openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by/3.0/
Creative Commons Attribution 3.0 Unported (CC BY 3.0)
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:SEDICI (UNLP)
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instname_str Universidad Nacional de La Plata
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repository.name.fl_str_mv SEDICI (UNLP) - Universidad Nacional de La Plata
repository.mail.fl_str_mv alira@sedici.unlp.edu.ar
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