Corporate Finance, Financial Development, and Growth

Autores
Bebczuk, Ricardo Néstor
Año de publicación
1999
Idioma
inglés
Tipo de recurso
documento de conferencia
Estado
versión publicada
Descripción
While there is consensus in that financial development exerts a positive effect on growth, the identification of the actual transmission channels is much less clear. Our work intends to contribute evidence on the role of the financial system in overcoming informational asymmetries. Starting from the observation that internal funds (retained earnings plus depreciation) are the primary source of funds in most countries, we use a simple growth model with asymmetric information to show that the proportion of private investment financed with bank credit is positively associated to growth. After controlling for some factors, this ratio may be used as a proxy for the extent of (directly unobservable) informational asymmetries. Applying a dynamic panel data technique on a cross-country database we find empirical support for the model.
Facultad de Ciencias Económicas
Materia
Ciencias Económicas
Finanzas
Nivel de accesibilidad
acceso abierto
Condiciones de uso
http://creativecommons.org/licenses/by-nc-sa/4.0/
Repositorio
SEDICI (UNLP)
Institución
Universidad Nacional de La Plata
OAI Identificador
oai:sedici.unlp.edu.ar:10915/169231
Acceder
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network_name_str SEDICI (UNLP)
spelling Corporate Finance, Financial Development, and GrowthBebczuk, Ricardo NéstorCiencias EconómicasFinanzasWhile there is consensus in that financial development exerts a positive effect on growth, the identification of the actual transmission channels is much less clear. Our work intends to contribute evidence on the role of the financial system in overcoming informational asymmetries. Starting from the observation that internal funds (retained earnings plus depreciation) are the primary source of funds in most countries, we use a simple growth model with asymmetric information to show that the proportion of private investment financed with bank credit is positively associated to growth. After controlling for some factors, this ratio may be used as a proxy for the extent of (directly unobservable) informational asymmetries. Applying a dynamic panel data technique on a cross-country database we find empirical support for the model.Facultad de Ciencias Económicas1999info: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/10915/169231enginfo:eu-repo/semantics/altIdentifier/url/https://bd.aaep.org.ar/anales/works/works2006/bebczuk.pdfinfo:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by-nc-sa/4.0/Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0)reponame:SEDICI (UNLP)instname:Universidad Nacional de La Platainstacron:UNLP2025-09-03T11:15:10Zoai:sedici.unlp.edu.ar:10915/169231Institucionalhttp://sedici.unlp.edu.ar/Universidad públicaNo correspondehttp://sedici.unlp.edu.ar/oai/snrdalira@sedici.unlp.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:13292025-09-03 11:15:10.661SEDICI (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 Néstor
Ciencias Económicas
Finanzas
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 Néstor
author Bebczuk, Ricardo Néstor
author_facet Bebczuk, Ricardo Néstor
author_role author
dc.subject.none.fl_str_mv Ciencias Económicas
Finanzas
topic Ciencias Económicas
Finanzas
dc.description.none.fl_txt_mv While there is consensus in that financial development exerts a positive effect on growth, the identification of the actual transmission channels is much less clear. Our work intends to contribute evidence on the role of the financial system in overcoming informational asymmetries. Starting from the observation that internal funds (retained earnings plus depreciation) are the primary source of funds in most countries, we use a simple growth model with asymmetric information to show that the proportion of private investment financed with bank credit is positively associated to growth. After controlling for some factors, this ratio may be used as a proxy for the extent of (directly unobservable) informational asymmetries. Applying a dynamic panel data technique on a cross-country database we find empirical support for the model.
Facultad de Ciencias Económicas
description While there is consensus in that financial development exerts a positive effect on growth, the identification of the actual transmission channels is much less clear. Our work intends to contribute evidence on the role of the financial system in overcoming informational asymmetries. Starting from the observation that internal funds (retained earnings plus depreciation) are the primary source of funds in most countries, we use a simple growth model with asymmetric information to show that the proportion of private investment financed with bank credit is positively associated to growth. After controlling for some factors, this ratio may be used as a proxy for the extent of (directly unobservable) informational asymmetries. Applying a dynamic panel data technique on a cross-country database we find empirical support for the model.
publishDate 1999
dc.date.none.fl_str_mv 1999
dc.type.none.fl_str_mv info:eu-repo/semantics/conferenceObject
info:eu-repo/semantics/publishedVersion
Objeto de conferencia
http://purl.org/coar/resource_type/c_5794
info:ar-repo/semantics/documentoDeConferencia
format conferenceObject
status_str publishedVersion
dc.identifier.none.fl_str_mv http://sedici.unlp.edu.ar/handle/10915/169231
url http://sedici.unlp.edu.ar/handle/10915/169231
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv info:eu-repo/semantics/altIdentifier/url/https://bd.aaep.org.ar/anales/works/works2006/bebczuk.pdf
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
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Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0)
eu_rights_str_mv openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by-nc-sa/4.0/
Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0)
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:SEDICI (UNLP)
instname:Universidad Nacional de La Plata
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reponame_str SEDICI (UNLP)
collection SEDICI (UNLP)
instname_str Universidad Nacional de La Plata
instacron_str UNLP
institution UNLP
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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