Publication:
Job Growth and Finance : Are Some Financial Institutions Better Suited to Early Stages of Development Than Others?

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dc.contributor.authorCull, Robert
dc.contributor.authorXu, L. Colin
dc.date.accessioned2012-03-19T18:06:10Z
dc.date.available2012-03-19T18:06:10Z
dc.date.issued2011-11-01
dc.description.abstractThis paper combines firm-level data from 89 countries with updated country-level data on financial structure, and uses two estimation approaches. It finds that in low-income countries, labor growth is swifter in countries with a higher level of private credit/gross domestic product; the positive effect of bank credit is especially pronounced in industries that depend heavily on external finance; and banking development is positively associated with more physical and human capital investment. These findings are consistent with predictions from new structural economics. In high-income countries, labor growth rates are increasing in the level of stock market capitalization, which is also consistent with predictions from new structural economics, although the analysis is unable to provide evidence that the association is causal. It finds no evidence that small-scale firms in low-income countries benefit most from private credit market development. Rather, the labor growth rates of larger, capital-intensive firms increase more with the level of private credit market development, a finding consistent with the history-based political economy view that banking systems in low-income countries serve the interests of the elite, rather than providing broad-based access to financial services.en
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20111114114234
dc.identifier.doi10.1596/1813-9450-5880
dc.identifier.urihttps://hdl.handle.net/10986/3648
dc.languageEnglish
dc.relation.ispartofseriesPolicy Research working paper ; no. WPS 5880
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCESS TO CREDIT
dc.subjectACCESS TO FINANCE
dc.subjectACCESS TO FINANCIAL SERVICES
dc.subjectACCOUNTING
dc.subjectACCOUNTING RECORDS
dc.subjectADVANCED COUNTRIES
dc.subjectADVERSE IMPACT
dc.subjectAGRICULTURE
dc.subjectBANK ASSET
dc.subjectBANK CREDIT
dc.subjectBANK LENDING
dc.subjectBANK POLICY
dc.subjectBANK REGULATION
dc.subjectBANKING CRISES
dc.subjectBANKING SECTOR
dc.subjectBANKING SECTOR ASSETS
dc.subjectBANKING SECTOR DEVELOPMENT
dc.subjectBANKING SECTORS
dc.subjectBANKING SYSTEM
dc.subjectBANKING SYSTEMS
dc.subjectBENCHMARK
dc.subjectBRITISH LEGAL ORIGIN
dc.subjectBROKER
dc.subjectBROKERS
dc.subjectBUSINESS ENVIRONMENT
dc.subjectBUSINESS ENVIRONMENTS
dc.subjectCAPITAL EXPENDITURES
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL INTENSITY
dc.subjectCAPITAL INVESTMENT
dc.subjectCAPITAL INVESTMENTS
dc.subjectCAPITAL MARKETS
dc.subjectCASH FLOW
dc.subjectCENTRAL BANKS
dc.subjectCHECKS
dc.subjectCIVIL LAW
dc.subjectCOMMODITIES
dc.subjectCOMMODITY
dc.subjectCOMMON LAW
dc.subjectCONSUMERS
dc.subjectCORPORATE GOVERNANCE
dc.subjectCOUNTRY DUMMIES
dc.subjectCOUNTRY FIXED EFFECTS
dc.subjectCREDIT GROWTH
dc.subjectCREDIT LEVELS
dc.subjectCREDIT MARKET
dc.subjectCREDIT MARKETS
dc.subjectCREDITWORTHINESS
dc.subjectDEBTS
dc.subjectDEMOCRACY
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPMENT POLICY
dc.subjectDOMESTIC BANKING
dc.subjectDOMESTIC BANKING MARKETS
dc.subjectDOMESTIC BANKS
dc.subjectDUMMY VARIABLE
dc.subjectDUMMY VARIABLES
dc.subjectDURABLE
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC HISTORIANS
dc.subjectECONOMIC OPPORTUNITY
dc.subjectECONOMIC RESEARCH
dc.subjectECONOMICS
dc.subjectECONOMIES OF SCALE
dc.subjectEMPLOYEE
dc.subjectEMPLOYMENT
dc.subjectEMPLOYMENT GROWTH
dc.subjectENDOWMENTS
dc.subjectEQUIPMENT
dc.subjectEXCLUSION
dc.subjectEXPENDITURES
dc.subjectEXPROPRIATION
dc.subjectEXTERNAL FINANCE
dc.subjectEXTERNAL FINANCING
dc.subjectFAMILY FARMS
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL HISTORIES
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INTERMEDIARIES
dc.subjectFINANCIAL INTERMEDIATION
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL RESOURCES
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL SECTORS
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL STRUCTURE
dc.subjectFINANCIAL STRUCTURES
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL SYSTEMS
dc.subjectFIRM GROWTH
dc.subjectFIRM PERFORMANCE
dc.subjectFOREIGN BANK
dc.subjectFOREIGN BANK PARTICIPATION
dc.subjectFOREIGN BANKS
dc.subjectFOREIGN ENTRY
dc.subjectFOREIGN FIRMS
dc.subjectFOREIGN OWNERS
dc.subjectFOREIGN OWNERSHIP
dc.subjectFOREIGN OWNERSHIP OF BANKS
dc.subjectGDP
dc.subjectGDP PER CAPITA
dc.subjectGOVERNMENT OWNERSHIP
dc.subjectGOVERNMENT OWNERSHIP OF BANKS
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectHUMAN CAPITAL
dc.subjectINCOME
dc.subjectINCOME DISTRIBUTION
dc.subjectINCOME GROUP
dc.subjectINCOME INEQUALITY
dc.subjectINCOME LEVEL
dc.subjectINCOME LEVELS
dc.subjectINCOMES
dc.subjectINFORMATION ASYMMETRIES
dc.subjectINFORMATION ASYMMETRY
dc.subjectINSTITUTIONAL DEVELOPMENT
dc.subjectINSTITUTIONAL ENVIRONMENT
dc.subjectINSTRUMENT
dc.subjectINTEREST RATES
dc.subjectINTEREST RATES ON LOANS
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL FLOWS
dc.subjectINVESTMENT CLIMATE
dc.subjectINVESTMENT RATE
dc.subjectINVESTMENT RATES
dc.subjectINVESTOR PROTECTION
dc.subjectJUDICIAL SYSTEM
dc.subjectKEY CHALLENGE
dc.subjectLEGAL PROTECTION
dc.subjectLEGAL SYSTEM
dc.subjectLEGAL TRADITIONS
dc.subjectLENDERS
dc.subjectLESS DEVELOPED ECONOMIES
dc.subjectLIABILITY
dc.subjectLOCAL FINANCIAL INSTITUTIONS
dc.subjectLOCAL INFRASTRUCTURE
dc.subjectLOW-INCOME COUNTRIES
dc.subjectMARKET CAP
dc.subjectMARKET DEVELOPMENT
dc.subjectNATURAL RESOURCE
dc.subjectNATURAL RESOURCES
dc.subjectNET EXPORTS
dc.subjectOUTPUT
dc.subjectOUTREACH
dc.subjectOUTSIDE INVESTORS
dc.subjectOWNERSHIP STRUCTURE
dc.subjectPER CAPITA INCOME
dc.subjectPERFORMANCE MEASURES
dc.subjectPOLITICAL CONSIDERATIONS
dc.subjectPOLITICAL ECONOMY
dc.subjectPOLITICAL STABILITY
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO QUALITY
dc.subjectPOSITIVE COEFFICIENT
dc.subjectPOSITIVE COEFFICIENTS
dc.subjectPOSITIVE EFFECTS
dc.subjectPRIVATE CREDIT
dc.subjectPRIVATE MARKET
dc.subjectPRIVATE PROPERTY
dc.subjectPRIVATE SECTOR DEVELOPMENT
dc.subjectPRODUCTIVITY
dc.subjectPROFITABILITY
dc.subjectPROPERTY RIGHTS
dc.subjectPROPERTY RIGHTS PROTECTION
dc.subjectPRUDENTIAL REGULATION
dc.subjectREAL ESTATE
dc.subjectREAL SECTOR
dc.subjectRESERVES
dc.subjectRULE OF LAW
dc.subjectSALES GROWTH
dc.subjectSECURITIES
dc.subjectSECURITIES MARKET
dc.subjectSECURITIES MARKET DEVELOPMENT
dc.subjectSECURITIES MARKETS
dc.subjectSHARE OF ASSETS
dc.subjectSMALL BANKS
dc.subjectSMALL BUSINESSES
dc.subjectSMALL-SCALE ENTREPRENEURS
dc.subjectSOURCES OF FINANCE
dc.subjectSTATE BANKS
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKET CAPITALIZATION
dc.subjectSTOCK MARKET DEVELOPMENT
dc.subjectSTOCK MARKETS
dc.subjectTAX
dc.subjectTELECOMMUNICATIONS
dc.subjectTRANSPORT
dc.subjectWEALTH
dc.subjectWORLD ECONOMIES
dc.titleJob Growth and Finance : Are Some Financial Institutions Better Suited to Early Stages of Development Than Others?en
dspace.entity.typePublication
okr.crossref.titleJob Growth and Finance: Are Some Financial Institutions Better Suited to Early Stages of Development than Others?
okr.date.disclosure2011-11-01
okr.date.doiregistration2025-04-10T11:06:53.405970Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20111114114234
okr.guid811911468325769528
okr.identifier.doi10.1596/1813-9450-5880
okr.identifier.externaldocumentum000158349_20111114114234
okr.identifier.internaldocumentum15471590
okr.identifier.reportWPS5880
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2011/11/14/000158349_20111114114234/Rendered/PDF/WPS5880.pdfen
okr.region.administrativeThe World Region
okr.region.administrativeThe World Region
okr.relation.associatedurlhttps://openknowledge.worldbank.org/handle/10986/21621
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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