Does Economic Diversification Lead to Financial Development? Evidence From topography / / Rodney Ramcharan

• Autore: Ramcharan Rodney
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2006
• Descrizione fisica: 1 online resource (45 p.)
• Soggetto topico: Economic development - Econometric models; Finance - Econometric models; Banks and Banking; Finance: General; Macroeconomics; Industries: Manufacturing; Demography; Industrialization; Manufacturing and Service Industries; Choice of Technology; Banks; Depository Institutions; Micro Finance Institutions; Mortgages; Financial Markets and the Macroeconomy; Demographic Economics: General; Industry Studies: Manufacturing: General; Economic Development: General; Finance; Banking; Population & demography; Manufacturing industries; Economic growth; Financial sector development; Bank deposits; Population and demographics; Manufacturing; Financial markets; Financial services; Economic sectors; Financial services industry; Banks and banking; Population
• Soggetto geografico: South Africa
• Note generali: "January 2006."
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: ""Contents""; ""I. INTRODUCTION""; ""II. EMPIRICAL FRAMEWORK AND DATA OVERVIEW""; ""III. MAIN RESULTS""; ""IV. SENSITIVITY ANALYSES""; ""V. DISCUSSION""; ""References""
• Sommario/riassunto: An influential theoretical literature has observed that economic diversification can reduce risk and increase financial development. But causality operates in both directions, as a well functioning financial system can enable a society to invest in more productive but risky projects, thereby determining the degree of economic diversification. Thus, ordinary least squares (OLS) estimates of the impact of economic diversification on financial development are likely to be biased. Motivated by the economic geography literature, this paper uses instruments derived from topographical characteristics to estimate the impact of economic diversification on the development of finance. The fourth estimates suggest a large and robust role for diversification in shaping financial development. And these results imply that, by impeding financial sector development, the concentration of economic activity common in developing countries can adversely affect financial and economic development.
• Titolo autorizzato: Does Economic Diversification Lead to Financial Development? Evidence From topography
• ISBN: 1-4623-6999-5; 1-4527-6932-X; 1-283-51685-3; 9786613829306; 1-4519-0831-8
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910788700403321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2006/035