Survey_GJPP_2004

Abstract

The data set combines industry-level information on sector growth and access to finance with country-level indicators of financial development and institutional variables. The sample covers a longer time interval and larger set of countries than that used by Rajan and Zingales. The regression results obtained using this panel support the hypothesis that financial development promotes growth, particularly in industries that are more financially dependent on external finance. Indicators of financial development are significantly correlated with the growth rate of manufacturing output and value added, and with firm creation. These estimates are an intermediate step to assess the effects of financial development and integration in the EU.