Financial Systems, Industrial Structure, and Growth

Posted: 7 Oct 2003

See all articles by Raghuram G. Rajan

Raghuram G. Rajan

University of Chicago - Booth School of Business; International Monetary Fund (IMF); National Bureau of Economic Research (NBER)

Luigi Zingales

University of Chicago - Booth School of Business; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR); European Corporate Governance Institute (ECGI)

Abstract

How does the development of the financial sector affect industrial growth? What effect does it have on the composition of industry, and the size distribution of firms? What is the relative importance of financial institutions and financial markets, and does it depend on the stage of economic growth? How do financial systems differ in their vulnerability to crisis? This paper attempts to provide an answer to these questions based on the current state of empirical research.

JEL Classification: G30

Suggested Citation

Rajan, Raghuram G. and Zingales, Luigi, Financial Systems, Industrial Structure, and Growth. Oxford Review of Economic Policy, Vol. 17, No. 4, Winter 2001, Available at SSRN: https://ssrn.com/abstract=443944

Raghuram G. Rajan (Contact Author)

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Luigi Zingales

University of Chicago - Booth School of Business ( email )

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National Bureau of Economic Research (NBER)

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Centre for Economic Policy Research (CEPR)

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