期刊
JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION
卷 162, 期 -, 页码 308-328出版社
ELSEVIER SCIENCE BV
DOI: 10.1016/j.jebo.2018.11.024
关键词
Manufacturing growth; Financial development; Upstream and downstream linkages
类别
We widen the understanding of the finance-growth nexus by accounting for the indirect effect of financial development through input-output (10) linkages in determining the growth of industries across countries. If financial development is expected to promote disproportionately more the growth of industrial sectors that are more in need of external finance, it also favours more the industries that are linked by 10 relations to more financially dependent industries. We explore this new channel in a sample of countries at different development stages over the period 1995-2007. Our results highlight that financial development, besides easing the growth of industries highly dependent on external finance, also fosters the growth of industries strongly linked to highly financially dependent upstream industries. Moreover, the indirect effect - propagated through 10 linkages - of finance has a higher and non-negligible role compared to the direct effect and its omission leads to a biased and underestimated perception of the role of finance for industries' growth. (C) 2018 Elsevier B.V. All rights reserved.
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