countries with well-developed financial institutions specialize in industries that require high ratesof external finance, the coefficient on USNeeds*FD is significant at the 1 percent level. Itsmagnitude, 0.015, suggests an even larger allocative role for financial development t[r]
This paper uses firm level data from a crosssection of 57 countries to study how financial development affects innovation in small firms. The analysis finds that relative to large firms in the same industry, spending on research and development by small firms is more likely and sizable in countries[r]
(Figure 4), however the difference is a little less pronounced.The orthogonalization of the VAR residuals (discussed in section 2) allows us toisolate the response of investment to ‘financial’ factors (cash stock or cash flows)from the response to ‘fundamental’ factors (marginal productivity o[r]
economists have debated the relative importance of bank-based and market-basedfinancial systems for a long time (Golsdmith, 1969; Boot and Thakor, 1997; Allen andGale, 2000; Demirguc-Kunt and Levine, 2001c). However, research findings in this areahave established that the debate[r]
This paper examines whether financial development boosts the growth of small firms more than large firms and hence provides information on the mechanisms through which financial development fosters aggregate economic growth. We define an industry’s technological firm size as the firm size implied by[r]
‘Sustainable livelihoods, environment and development: putting poor rural people first’, IDS DISCUSSION PAPER 240, Brighton: IDS.. _Social capital and economic development: Well-being in[r]
... shed some light on the nature of the association They have analysed the share of service in GDP in the course of economic development In their research they use the percentage of services in GDP... export of modern services, will have a positive influence on the GDP growth per capita as well The[r]
The purpose of this study is to evaluate the pattern and gauge the progress of regional integration in East Asia from a politicaleconomic viewpoint. The focus is on the trade, investment, and financialmonetary aspects of regional cooperation in projecting a viable framework for integration in the co[r]
Vietnam has seen major economic growth over the past three decades, and significant progress in reducing poverty. It is a densely populated country that, in the past 30 years, has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a[r]
The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., of 188 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce po[r]
The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., of 188 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce po[r]
well as its ability to resolve the problem for estimation results of micro leveldata to be aggregated to a macro level to derive meaningful interpretations.191The Johansen (1988) technique, which is employed to estimate the banklending channel with appropriate restrictions, established the existence[r]
Fruit growth and ripening1. Pollination and fertilization2. Fruit development3. Auxin with fruit development4. Seedless fruitPollination:Transfer of the pollen grain from an anther to a stigmaPollengrainStigmaStyleOvaryPollination in plant by animalFertilizationA s[r]
Urban legislation is a pillar of sustainable urban development. It is an important development tool that lays down, in binding rules, acceptable behaviors in society and the rights and obligations of parties and governance frameworks in diff erent areas of life. The global urban population is expect[r]
independent of the entrepreneurial function.Keynes (1920, Chapter VI) in his analysis of the recovery of the Europeaneconomy after the Treaty of Versailles considered entrepreneurs as “the active andconstructive element in the whole capitalist society,” stressing their importance inorganizing the re[r]
Crossborder capital flows have been intensified last decades with the greater financial integration. After the global financial crisis in 2008 2009, emerging markets economies (EMEs) have (re)started to be a significant target of global capital flows . “Emergingmarket” assets and currencies bec[r]
The need for economic diversification receives a great deal of attention in Russia. This paper looks at a way to improve it that is essential but largely ignored: how to help diversifying firms better survive economic cycles. By definition, economic diversification means doing new things in new sect[r]
Over the past decade, Vietnam’s carbon dioxide (CO2) emissions tripled, growing at the fastest rate in the region.The carbon intensity of the country’s gross domestic product (GDP) increased by 48 percent in the same period, a sign that Vietnam’s current economic growth model is not sustainable over[r]
This study is purposed to identify major factors that explains the growth path of the Korean economy in the past decades and evaluate their relative contributions. To that end, we present four economic models: Two of them contrast the recent changes in the determination of foreign exchange rate as[r]
How does access to finance impact consumption volatility? Theory and evidence from advanced economies suggests that greater household access to finance smooths consumption. Evidence from emerging markets, where consumption is usually more volatile than income, indicates that financial reform further[r]