Financial dependence and industry growth in Europe Better欧洲金融依存度与工业增长较好.pptVIP

Financial dependence and industry growth in Europe: Better banks and higher productivity Motivation Better financial development stimulates growth Broad evidence (Levine, 2005) Three questions: What aspects of the financial system? How is growth affected? How broadly across Europe? Main results Bank efficiency explains industry growth alongside financial volume measures Bank efficiency stimulates industry productivity Growth benefits concentrated in new EU Member States Methodology: finance and growth Key problem: causality of finance-growth relationship We rely on Rajan and Zingales (1998) me