English, Article, Journal or magazine article edition: Financial Development and TFP Growth: Cross-Country and Industry-Level Evidence Francisco Arizala; Eduardo Cavallo; Arturo Galindo

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Bookmark: http://trove.nla.gov.au/version/4894
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Financial Development and TFP Growth: Cross-Country and Industry-Level Evidence
Author
  • Francisco Arizala
  • Eduardo Cavallo
  • Arturo Galindo
Physical Description
  • preprint
Notes
  • This paper estimates the impact of financial development on industry-level total factor productivity (TFP) growth using a largely unexploited panel of 77 countries with data for 26 manufacturing industries for the years 1963 to 2003. A significant relationship is found between financial development and industry-level TFP growth when controlling for country-time and industry-time fixed effects. The results are both statistically and economically significant. TFP growth can accelerate up to 0.6 percent per year, depending on the external finance requirement of industries, following a one standard deviation increase in financial development. The results are robust to different samples and specifications.
  • Financial development, TFP growth, Volatility
  • RePEc:idb:wpaper:4630
Language
  • English
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