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Finance,investment, and growth
Affiliation:1. Finance Department, Wharton School of the University of Pennsylvania, 3620 Locust Walk, Steinberg Hall/Dietrich Hall, Philadelphia, PA 19104-6367, USA;2. National Bureau of Economic Research, USA;3. Olin Business School, Washington University in St. Louis, One Brookings Drive, Campus Box 1133, St. Louis, MO 63130, USA;1. Department of Finance, HKUST Business School, Lee Shau Kee Campus, Clear Water Bay, New Territories, Hong Kong;2. Area of Finance, Scheller College of Business, Georgia Institute of Technology, 800 West Peachtree Street, N.W., Atlanta, GA 30308, USA
Abstract:This paper examines the relation between the institutional structures of advanced OECD countries and the comparative growth and investment of 27 industries in those countries over the period 1970 to 1995. The paper reports a strong relation between the structure of countries’ financial systems, the characteristics of industries, and the growth and investment of industries in different countries.
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