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Financial development, equity market...

Li, Zhen.

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Financial development, equity market liberalization and economic growth.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Financial development, equity market liberalization and economic growth./
Author:	Li, Zhen.
Description:	187 p.
Notes:	Source: Dissertation Abstracts International, Volume: 65-07, Section: A, page: 2692.
Contained By:	Dissertation Abstracts International65-07A.
Subject:	Economics, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3142344
ISBN:	0496893251

Financial development, equity market liberalization and economic growth.
Li, Zhen.

Financial development, equity market liberalization and economic growth. - 187 p.

Source: Dissertation Abstracts International, Volume: 65-07, Section: A, page: 2692.

Thesis (Ph.D.)--Princeton University, 2004.

This doctoral dissertation contains three essays on financial development, equity market liberalization and economic growth.

ISBN: 0496893251Subjects--Topical Terms:

1017424
Economics, General.

Financial development, equity market liberalization and economic growth.
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100 1 $a Li, Zhen. $3 1257184
245 1 0 $a Financial development, equity market liberalization and economic growth.
300 $a 187 p.
500 $a Source: Dissertation Abstracts International, Volume: 65-07, Section: A, page: 2692.
500 $a Adviser: Michael Woodford.
502 $a Thesis (Ph.D.)--Princeton University, 2004.
520 $a This doctoral dissertation contains three essays on financial development, equity market liberalization and economic growth.
520 $a The first chapter considers the relationship between financial development and economic growth. By introducing an indicator representing the overall level of financial development in an economy, it develops a general equilibrium model illustrating the positive relationship between financial development and economic growth. As economic agents are financially constrained, they must borrow to finance investment projects. Market imperfections limit the amount they can borrow. Financial development helps relax financial constraints and thus promote capital investment and economic growth.
520 $a The second chapter is an empirical investigation of the effects of equity market liberalization on aggregate economic performance. I use the percentage of a nation's neighboring countries with open equity markets at a given time as the instrument for equity market liberalization and find that equity market liberalization has a positive and causal effect on economic growth. There are systematic differences in the channels through which liberalization increases growth across countries at different income levels. Equity market liberalization benefits high-income and middle-income countries through productivity improvements, while growth instead increases in low-income countries as a result of increased physical capital accumulation. The sample includes panel data of 95 countries 1975 to 2000.
520 $a The third chapter is an empirical work examining whether equity market liberalization promotes industrial growth and reduces the cost of external capital using industry-level data. It does the latter by scrutinizing a particular mechanism: that equity market liberalization reduces the wedge between the costs of external and internal capital to firms. I find that there is a uniform increase in the growth rate of real value added across industries after liberalization. In particular, industries that are relatively more in need of equity finance grow faster following liberalization in emerging markets, suggesting that equity market liberalization reduces the wedge between costs of equity finance and internal finance for firms in emerging markets. There is also evidence that industries highly dependent on external finance grow disproportionately faster in liberalized regimes but the finding is somewhat sensitive to periods under investigation.
590 $a School code: 0181.
650 4 $a Economics, General. $3 1017424
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710 2 0 $a Princeton University. $3 645579
773 0 $t Dissertation Abstracts International $g 65-07A.
790 1 0 $a Woodford, Michael, $e advisor
790 $a 0181
791 $a Ph.D.
792 $a 2004
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3142344