The Econometrics of Finance and Growth

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dc.creatorBeck, Thorsten
dc.date2012-05-30T19:50:42Z
dc.date2012-05-30T19:50:42Z
dc.date2008-04
dc.date.accessioned2026-07-01T01:23:20Z
dc.descriptionThis paper reviews different econometric methodologies to assess the relationship between financial development and growth. It illustrates the identification problem, which is at the center of the finance and growth literature, using the example of a simple Ordinary Least Squares estimation. It discusses cross-sectional and panel instrumental variable approaches to overcome the identification problem. It presents the time-series approach, which focuses on the forecast capacity of financial development for future growth rates, and differences-in-differences techniques that try to overcome the identification problem by assessing the differential effect of financial sector development across states with different policies or across industries with different needs for external finance. Finally, it discusses firm-level and household approaches that allow analysts to dig deeper into the channels and mechanisms through which financial development enhances growth and welfare, but pose their own methodological challenges.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/2008/04/9385090/econometrics-finance-growth
dc.identifierhttps://hdl.handle.net/10986/6703
dc.identifierhttps://doi.org/10.1596/1813-9450-4608
dc.identifier.urihttp://hdl.handle.net/123456789/417641
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relationPolicy Research Working Paper No. 4608
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.rightsWorld Bank
dc.subjectABSENCE OF CREDIT
dc.subjectACCESS TO CREDIT
dc.subjectACCESS TO FINANCE
dc.subjectACCESS TO FINANCIAL SERVICES
dc.subjectACCOUNTING
dc.subjectAGGREGATE LEVEL
dc.subjectAGRICULTURE
dc.subjectAMOUNT OF CREDIT
dc.subjectANNUAL GROWTH
dc.subjectANNUAL GROWTH RATE
dc.subjectAUTOREGRESSION
dc.subjectAVERAGE GROWTH
dc.subjectAVERAGE GROWTH RATE
dc.subjectBAD BANKS
dc.subjectBANK BRANCH
dc.subjectBANK POLICY
dc.subjectBANKING CRISIS
dc.subjectBANKING INSTITUTIONS
dc.subjectBANKING SECTOR
dc.subjectBANKING SECTOR DEVELOPMENT
dc.subjectBANKING SYSTEMS
dc.subjectBANKS
dc.subjectBENCHMARK
dc.subjectBIASES
dc.subjectBOND
dc.subjectBONDS
dc.subjectBORROWING
dc.subjectBUSINESS CYCLE
dc.subjectCAPITAL ACCUMULATION
dc.subjectCAPITAL ALLOCATION
dc.subjectCASH FLOW
dc.subjectCASH HOLDINGS
dc.subjectCOMPETITIVENESS
dc.subjectCONSUMER CREDIT
dc.subjectCONSUMPTION EXPENDITURES
dc.subjectCORPORATE GOVERNANCE
dc.subjectCOUNTRY CHARACTERISTICS
dc.subjectCOUNTRY DATA
dc.subjectCOUNTRY REGRESSIONS
dc.subjectCOUNTRY SPECIFIC
dc.subjectCOVARIANCE MATRIX
dc.subjectCREDIT ACCESS
dc.subjectCREDIT CONSTRAINED FIRMS
dc.subjectCREDIT CONSTRAINTS
dc.subjectCREDIT INSTITUTION
dc.subjectCREDIT MARKET
dc.subjectCREDIT PROGRAM
dc.subjectCREDIT PROGRAMS
dc.subjectDATA SETS
dc.subjectDEMAND FOR MONEY
dc.subjectDEPENDENT VARIABLE
dc.subjectDEPOSIT
dc.subjectDEPOSIT INSURANCE
dc.subjectDEREGULATION
dc.subjectDEVELOPED COUNTRIES
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectDEVELOPMENT INDICATORS
dc.subjectDEVELOPMENT RESEARCH
dc.subjectDISAGGREGATED LEVEL
dc.subjectDYNAMIC PANEL
dc.subjectEARNINGS
dc.subjectECONOMETRIC MODELS
dc.subjectECONOMETRICS
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC HISTORY
dc.subjectECONOMIC LITERATURE
dc.subjectECONOMIC PERFORMANCE
dc.subjectECONOMIC STATISTICS
dc.subjectECONOMIC STUDIES
dc.subjectECONOMICS
dc.subjectECONOMICS LETTERS
dc.subjectEMPIRICAL STUDIES
dc.subjectEMPLOYMENT EQUATIONS
dc.subjectENDOGENOUS VARIABLES
dc.subjectERROR TERM
dc.subjectERROR TERMS
dc.subjectESTIMATION TECHNIQUES
dc.subjectEXCLUSION
dc.subjectEXOGENOUS VARIABLES
dc.subjectEXPENDITURES
dc.subjectEXPLANATORY VARIABLES
dc.subjectEXTERNAL FINANCE
dc.subjectEXTERNAL FINANCING
dc.subjectFARMERS
dc.subjectFEDERAL RESERVE
dc.subjectFINANCIAL DEPTH
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL FRAGILITY
dc.subjectFINANCIAL INFORMATION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INTERMEDIARIES
dc.subjectFINANCIAL INTERMEDIARY
dc.subjectFINANCIAL INTERMEDIATION
dc.subjectFINANCIAL LIBERALIZATION
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL OUTREACH
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL SECTOR INDICATORS
dc.subjectFINANCIAL STRUCTURE
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL SYSTEMS
dc.subjectFINANCING NEED
dc.subjectFINANCING NEEDS
dc.subjectFINANCING OBSTACLE
dc.subjectFINANCING OBSTACLES
dc.subjectFIXED EFFECTS
dc.subjectGDP PER CAPITA
dc.subjectGENDER
dc.subjectGNP
dc.subjectGROUP LENDING
dc.subjectGROWTH EFFECT
dc.subjectGROWTH IMPACT
dc.subjectGROWTH LITERATURE
dc.subjectGROWTH MODELS
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectGROWTH REGRESSION
dc.subjectGROWTH REGRESSIONS
dc.subjectHOLDINGS
dc.subjectHOUSEHOLD DATA
dc.subjectHOUSEHOLD SURVEYS
dc.subjectHOUSEHOLD WELFARE
dc.subjectHOUSEHOLDS
dc.subjectINCOME DISTRIBUTION
dc.subjectINCOME INEQUALITY
dc.subjectINDIVIDUAL COUNTRIES
dc.subjectINDUSTRIALIZATION
dc.subjectINDUSTRIALIZED COUNTRIES
dc.subjectINEQUALITY
dc.subjectINFORMATION ASYMMETRIES
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINSTRUMENT
dc.subjectINTERNAL FUNDS
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectINTERNATIONAL TRADE
dc.subjectINVESTMENT DECISION
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT PROJECTS
dc.subjectLABOR MARKET
dc.subjectLAGGED DEPENDENT
dc.subjectLAGGED LEVELS
dc.subjectLAGGED VALUES
dc.subjectLEGAL CONSTRAINTS
dc.subjectLEGAL REFORMS
dc.subjectLIQUID ASSETS
dc.subjectLIQUIDITY
dc.subjectLOAN
dc.subjectLONG RUN
dc.subjectM2
dc.subjectM3
dc.subjectMACROECONOMIC VARIABLES
dc.subjectMARGINAL COST
dc.subjectMARGINAL PRODUCT
dc.subjectMARKET CONSTRAINTS
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET LIQUIDITY
dc.subjectMAXIMUM LIKELIHOOD ESTIMATION
dc.subjectMICRO-DATA
dc.subjectMICRO-ENTERPRISES
dc.subjectMICROCREDIT
dc.subjectMICRODATA
dc.subjectMICROENTERPRISES
dc.subjectMICROFINANCE
dc.subjectMICROFINANCE INSTITUTIONS
dc.subjectMONETARY ECONOMICS
dc.subjectNORMAL DISTRIBUTION
dc.subject0 HYPOTHESIS
dc.subjectOPEN ECONOMIES
dc.subjectOPTIMAL INVESTMENT
dc.subjectOUTREACH
dc.subjectPANEL REGRESSIONS
dc.subjectPAYMENT SERVICES
dc.subjectPER CAPITA GROWTH
dc.subjectPHYSICAL CAPITAL
dc.subjectPOLICY CHANGE
dc.subjectPOLICY CHANGES
dc.subjectPOLICY INTERVENTIONS
dc.subjectPOLICY REFORMS
dc.subjectPOLICY RESEARCH
dc.subjectPOLICY VARIABLES
dc.subjectPOLITICAL ECONOMY
dc.subjectPOOR HOUSEHOLDS
dc.subjectPOVERTY LEVELS
dc.subjectPRIVATE CREDIT
dc.subjectPRODUCTIVITY GROWTH
dc.subjectPROPERTY RIGHTS
dc.subjectREAL GDP
dc.subjectREINVESTMENT
dc.subjectRELATIVE IMPORTANCE
dc.subjectRESOURCE ALLOCATION
dc.subjectRETURNS
dc.subjectSALES GROWTH
dc.subjectSAVINGS
dc.subjectSECURITIES
dc.subjectSERIAL CORRELATION
dc.subjectSHORT-TERM BORROWING
dc.subjectSIGNIFICANT CORRELATION
dc.subjectSIGNIFICANT EFFECT
dc.subjectSMALL ENTERPRISES
dc.subjectSTANDARD DEVIATION
dc.subjectSTATISTICAL ANALYSIS
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKET DEVELOPMENT
dc.subjectSTOCK MARKETS
dc.subjectSUPPLY CURVE
dc.subjectTRADE CREDIT
dc.subjectTRADE OPENNESS
dc.subjectTRANSACTION
dc.subjectTRANSACTION COSTS
dc.subjectTURNOVER
dc.subjectVALUE ADDED
dc.subjectVILLAGE
dc.subjectVILLAGES
dc.titleThe Econometrics of Finance and Growth

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