Abstract

http://ssrn.com/abstract=313832
 
 

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Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data


Nicola Cetorelli


Federal Reserve Bank of New York

Michele Gambera


Morningstar Associates LLC

1999

FRB of Chicago Working Paper No. 99-08

Abstract:     
This paper explores the empirical relevance of banking market structure on growth. There is substantial evidence of a positive relationship between the level of development of the banking sector of an economy and its long-run output growth. Little is known, however, about the role played by the market structure of the banking sector on the dynamics of capital accumulation. This paper provides evidence that bank concentration promotes the growth of those industrial sectors that are more in need of external finance by facilitating credit access to younger firms. However, we also find evidence of a general depressing effect on growth associated with a concentrated banking industry, which impacts all sectors and all firms indiscriminately.

Note: Previous abstract URL: http://ssrn.com/abstract_id=254092 (now inactive)

Number of Pages in PDF File: 46

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Date posted: May 24, 2002  

Suggested Citation

Cetorelli, Nicola and Gambera, Michele, Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data (1999). FRB of Chicago Working Paper No. 99-08. Available at SSRN: http://ssrn.com/abstract=313832 or http://dx.doi.org/10.2139/ssrn.313832

Contact Information

Nicola Cetorelli (Contact Author)
Federal Reserve Bank of New York ( email )
33 Liberty Street
New York, NY 10045
United States
212-720-5071 (Phone)
212-720-8363 (Fax)
HOME PAGE: http://nyfedeconomists.org/cetorelli/
Michele Gambera
Morningstar Associates LLC ( email )
225 W. Wacker Drive
Chicago, IL 60606
United States
312-384-3853 (Phone)
312-696-6001 (Fax)
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