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

• Autore: Ramcharan Rodney
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2006
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (45 p.)
• Soggetto topico: Economic development - Econometric models; Finance - Econometric models; Bank deposits; Banking; Banks and Banking; Banks and banking; Banks; Choice of Technology; Demographic Economics: General; Demography; Depository Institutions; Economic Development: General; Economic growth; Economic sectors; Finance; Finance: General; Financial Markets and the Macroeconomy; Financial markets; Financial sector development; Financial services industry; Financial services; Industrialization; Industries: Manufacturing; Industry Studies: Manufacturing: General; Macroeconomics; Manufacturing and Service Industries; Manufacturing industries; Manufacturing; Micro Finance Institutions; Mortgages; Population & demography; Population and demographics; 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: 9786613829306; 9781462369997; 1462369995; 9781452769325; 145276932X; 9781283516853; 1283516853; 9781451908312; 1451908318
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910956116403321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2006/035