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Finance and Growth

Edited by Asli Demirgüç-Kunt, Director of Research, The World Bank and Ross Levine, Willis H. Booth Chair in Banking and Finance, Haas School of Business, University of California, Berkeley, US
This two-volume collection brings together major contributions to the study of finance and growth. It includes conceptual and empirical papers that use a range of methodologies to discover the connections between financial systems – including financial contracts, markets, and intermediaries – and the functioning of the economy – including economic growth, entrepreneurship, technological innovation, poverty alleviation, the distribution of income, and the structure and volatility of economies. It also discusses contributions to the study of the legal, political, institutional, social capital and policy determinants of financial development.

With an original introduction by the editors, this collection is an important resource for students, academics and practitioners.
Two volume set
Extent: 1,616 pp
Hardback Price: $875.00 Web: $787.50
Publication Date: 2018
ISBN: 978 1 78536 742 7
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This two-volume collection brings together major contributions to the study of finance and growth. It includes conceptual and empirical papers that use a range of methodologies to discover the connections between financial systems – including financial contracts, markets, and intermediaries – and the functioning of the economy – including economic growth, entrepreneurship, technological innovation, poverty alleviation, the distribution of income, and the structure and volatility of economies. It also discusses contributions to the study of the legal, political, institutional, social capital and policy determinants of financial development.

With an original introduction by the editors, this collection is an important resource for students, academics and practitioners.
48 articles, dating from 1979 to 2013
Contributors include: D. Acemoglu, P. Aghion, T. Beck, S. Haber, R. King, R. La Porta, V. Maksimovic, R. Rajan, A. Shleifer, P. Strahan, R. Townsend, L. Zingales
Contents:

Introduction Asli Demirgüç-Kunt and Ross Levine

PART I FINANCE AND GROWTH: THEORY
1. Jeremy Greenwood and Boyan Jovanovic (1990), ‘Financial Development, Growth, and the Distribution of Income’, Journal of Political Economy, 98 (5), October, 1076–107

2. Valerie R. Bencivenga and Bruce D. Smith (1991), ‘Financial Intermediation and Endogenous Growth’, Review of Economic Studies, 58 (2), April, 195–209

3. Robert G. King and Ross Levine (1993), ‘Finance, Entrepreneurship and Growth’, Journal of Monetary Economics, 32 (3), December, 513–42

4. Oded Galor and Joseph Zeira (1993), ‘Income Distribution and Macroeconomics’, Review of Economic Studies, 60 (1), January, 35–52

5. Philippe Aghion, Peter Howitt and David Mayer-Foulkes (2005), ‘The Effect of Financial Development on Convergence: Theory and Evidence’, Quarterly Journal of Economics, 120 (1), February, 173–222

6. Daron Acemoglu and Fabrizio Zilibotti (1997), ‘Was Prometheus Unbound By Chance? Risk, Diversification, and Growth’, Journal of Political Economy, 105 (4), August, 709–51

7. Robert M. Townsend and Kenichi Ueda (2006), ‘Financial Deepening, Inequality and Growth: A Model-Based Quantitative Evaluation’, Review of Economic Studies, 73 (1), January, 251–93

8. Francisco J. Buera, Joseph P. Kaboski and Yonseok Shin (2011), ‘Finance and Development: A Tale of Two Sectors’, American Economic Review, 101 (5), August, 1964–2002

9. Francisco J. Buera and Yonseok Shin (2013), ‘Financial Frictions and the Persistence of History: A Quantitative Exploration’, Journal of Political Economy, 121 (2), April, 221–72

PART II FINANCE AND GROWTH: EVIDENCE
10. Robert G. King and Ross Levine (1993), ‘Finance and Growth: Schumpeter Might Be Right’, Quarterly Journal of Economics, 108 (3), August, 717–37

11. Ross Levine and Sara Zervos (1998), ‘Stock Markets, Banks, and Economic Growth’, American Economic Review, 88 (3), June, 537–58

12. Raghuram G. Rajan and Luigi Zingales (1998), ‘Financial Dependence and Growth’, American Economic Review, 88 (3), June, 559–86

13. Asli Demirgüç-Kunt and Vojislav Maksimovic (1998), ‘Law, Finance, and Firm Growth’, Journal of Finance, 53 (6), December, 2107–37

14. Jith Jayaratne and Philip E. Strahan (1996), ‘The Finance-Growth Nexus: Evidence from Bank Branch Deregulation’, Quarterly Journal of Economics, 111 (3), August, 639–70

15. Jeffrey Wurgler (2000), ‘Financial Markets and the Allocation of Capital’, Journal of Financial Economics, Special Issue on International Corporate Governance, 58 (1–2), 187–214

16. Thorsten Beck, Ross Levine and Norman Loayza (2000), ‘Finance and the Sources of Growth’, Journal of Financial Economics, Special Issue on International Corporate Governance, 58 (1–2), 261–300

17. Stijn Claessens and Luc Laeven (2003), ‘Financial Development, Property Rights, and Growth’, Journal of Finance, 58 (6), December, 2401–36

18. Sandra E. Black and Phillip E. Strahan (2002), ‘Entrepreneurship and Bank Credit Availability’, Journal of Finance, LVII (6), December, 2807–833

19. Philip Arestis, Panicos O. Demetriades and Kul B. Luintel (2001), ‘Financial Development and Economic Growth: The Role of Stock Markets’, Journal of Money, Credit and Banking, 33 (1), February, 16–41

20. Felix Rioja and Neven Valev (2004), ‘Does One Size Fit All?: A Reexamination of the Finance and Growth Relationship’, Journal of Development Economics, 74 (2), August, 429–47

21. Stephen H. Haber (1991), ‘Industrial Concentration and the Capital Markets: A Comparative Study of Brazil, Mexico, and the United States, 1830–1930’, Journal of Economic History, 51 (3), September, 559–80

22. Hanan G. Jacoby and Emmanuel Skoufias (1997), ‘Risk, Financial Markets and Human Capital in a Developing Country’, Review of Economic Studies, 64 (3), July, 311–35

23. Peter L. Rousseau and Paul Wachtel (1998), ‘Financial Intermediation and Economic Performance: Historical Evidence from Five Industrialized Countries’, Journal of Money, Credit and Banking, 30 (4), November, 657–78

24. Suresh De Mel, David McKenzie and Christopher Woodruff (2008), ‘Returns to Capital in Microenterprises: Evidence from a Field Experiment’, Quarterly Journal of Economics, CXXIII (4), November, 1329–72

25. Virgiliu Midrigan and Daniel Yi Xu (2014), ‘Finance and Misallocation: Evidence from Plant-Level Data’, American Economic Review, 104 (2), February, 422–58

26. James R. Brown, Steven M. Fazzari and Bruce C. Petersen (2009), ‘Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom’, Journal of Finance, 64 (1), February, 151–85

Index



Volume II

Introduction An introduction to both volumes by the editors appears in volume I

PART I DETERMINANTS OF FINANCIAL DEVELOPMENTS
1. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny (1998), ‘Law and Finance’, Journal of Political Economy, 106 (6), December, 1113–55

2. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Schleifer and Robert W. Vishny (1997), ‘Legal Determinants of External Finance’, Journal of Finance, LII (3), July, 1131–50

3. Thorsten Beck, Asli Demirgüç-Kunt and Ross Levine (2003), ‘Law, Endowments, and Finance’, Journal of Financial Economics, 70 (2), November, 137–81

4. Thorsten Beck, Asli Demirgüç-Kunt and V. Maksimovic (2005), ‘Financial and Legal Constraints to Firm Growth: Does Size Matter?’, Journal of Finance, 60 (1), February, 137–77

5. James R. Brown, Gustav Martinsson and Bruce C. Petersen (2013), ‘Law, Stock Markets, and Innovation’, Journal of Finance, 68 (4), August, 1517–49

6. Raghuram G. Rajan and Luigi Zingales (2003), ‘The Great Reversals: The Politics of Financial Development in the Twentieth Century’, Journal of Financial Economics, 69 (1), July, 5–50

7. Rafael La Porta, Florencio Lopez-de-Silanes and Andrei Shleifer (2002), ‘Government Ownership of Banks’, Journal of Finance, 57 (1), February, 265–301

8. Noel Maurer and Stephen Haber (2007), ‘Related Lending and Economic Performance: Evidence from Mexico’, Journal of Economic History, 67 (3), September, 551–81

9. Luigi Guiso, Paola Sapienza and Luigi Zingales (2004), ‘The Role of Social Capital in Financial Development’, American Economic Review, 94 (3), June, 526–56

10. James R. Barth, Gerard Caprio and Ross Levine (2004), ‘Bank Regulation and Supervision: What Works Best?’, Journal of Financial Intermediation, 13 (2), April, 205–48

PART II FINANCE, EQUALITY AND OPPORTUNITY
11. Thorsten Beck, Asli Demirgüç-Kunt and Ross Levine (2007), ‘Finance, Inequality and the Poor’, Journal of Economic Growth, 12 (1), March, 27–49
12. Thorsten Beck, Ross Levine and Alexey Levkov (2010), ‘Big Bad Banks: The Winners and Losers from Bank Deregulation in the United States’, Journal of Finance, 65 (5), October, 1637–67

13. William R. Kerr and Ramana Nanda (2009), ‘Democratizing Entry: Banking Deregulations, Financing Constraints, and Entrepreneurship’, Journal of Financial Economics, 94 (1), October, 124–49

14. Thorsten Beck, Asli Demirgüç-Kunt and Maria Soledad Martinez Peria (2007), ‘Reaching Out: Access to and Use of Banking Services across Countries’, Journal of Financial Economics, 85 (1), July, 234–66

PART III FINANCE, ECONOMIC STRUCTURE AND INTERNATIONAL ECONOMICS
15. Luigi Guiso, Paola Sapienza, Luigi Zingales (2004), ‘Does Local Financial Development Matter?’, Quarterly Journal of Economics, 119 (3), August, 929–69

16. Laura Alfaro, Areendam Chanda, Sebnem Kalemli-Ozcan and Selin Sayek (2004), ‘FDI and Economic Growth: The Role of Local Financial Markets’, Journal of International Economics, 64 (1), October, 89–112

17. Kalina Manova (2013), ‘Credit Constraints, Heterogeneous Firms and International Trade’, Review of Economic Studies, 80 (2), April, 711–44

18. Raymond Fisman and Inessa Love (2003), ‘Trade Credit, Financial Intermediary Development and Industry Growth’, Journal of Finance, 58 (1), February, 353–74

19. Geert Bekaert, Campbell R. Harvey and Christian Lundblad (2005), ‘Does Financial Liberalization Spur Growth?’, Journal of Financial Economics, 77 (1), July, 3–55

20. Philippe Aghion, Philippe Bacchetta, Romain Ranciere and Kenneth Rogoff (2009), ‘Exchange Rate Volatility and Productivity Growth: The Role of Financial Development’, Journal of Monetary Economics, 56 (4), May, 494–513

21. Nicola Cetorelli and Michele Gambera (2001), ‘Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data’, Journal of Finance, 56 (2), April, 617–48

22. Marianne Bertrand, Antoinette Schoar and David Thesmar (2007), ‘Banking Deregulation and Industry Structure: Evidence from the French Banking Reforms of 1985’, Journal of Finance, 62 (2), April, 597–628

Index