English, Article, Journal or magazine article edition: Regulation of Financial Systems and Economic Growth Alain de Serres; Shuji Kobayakawa; Torsten Sløk; ...

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Bookmark: http://trove.nla.gov.au/version/136473
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Regulation of Financial Systems and Economic Growth
Author
  • Alain de Serres
  • Shuji Kobayakawa
  • Torsten Sløk
  • Laura Vartia
Physical Description
  • preprint
Notes
  • This paper examines whether regulation that is more conducive to competitive and efficient financial systems has a significant positive impact on sectoral output and productivity growth in a sample of 25 OECD countries. More specifically, following a methodology used by Rajan and Zingales (1998), the paper tests whether industries that depend more heavily on external sources of funding tend to grow faster in countries that have more competition-friendly regulation in markets for banking services and financial instruments. The regulatory indicators are assembled from surveys conducted by the World Bank on regulations in banking and securities markets. They point to substantial variations in the stance of regulation across countries, in particular with respect to the broad rules underpinning securities market transactions. The empirical analysis indicates that financial system regulation matters for output growth both in a statistical and economic sense. Réglementation des systèmes financiers et croissance économiqueL'objet de cette étude consiste à examiner, sur la base d'un échantillon de 25 pays de l'OCDE, dans quelle mesure une réglementation plus propice à des systèmes financiers concurrentiels et efficaces entraîne un effet positif significatif sur la croissance sectorielle. De manière plus spécifique, suivant une approche utilisée par Rajan et Zingales (1998), l'étude vérifie si les industries qui dépendent davantage des fonds externes croissent plus rapidement dans les pays dont la réglementation conduit à une concurrence plus vive sur les marchés des services bancaires et des instruments financiers. Les indicateurs de réglementation sont construits à partir d'information recueillie par la Banque Mondiale sur la réglementation dans le secteur bancaire et sur les valeurs obilières. Ils mettent en lumière des variations substantielles entre les pays, en particulier en ce qui a trait à la réglementation encadrant les transactions sur valeurs mobilières. L'analyse statistique indique que la réglementation des systèmes financiers affecte la croissance de la production de manière significative, à la fois au sens statistique et économique.
  • système financier, financial systems, external funding, financial regulation, sectoral growth, barrier to competition, investor protection, financement externe, réglementation financière, croissance sectorielle, entrave à la concurrence, protection des actionnaires
  • RePEc:oec:ecoaaa:506-en
Language
  • English
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