Finance, firm size and growth

T.H.L. Beck, A. Demirgüc-Kunt, L. Laeven, R. Levine

Research output: Contribution to journalArticleScientificpeer-review

241 Citations (Scopus)
567 Downloads (Pure)


Although research shows that financial development accelerates aggregate economic growth, economists have not resolved conflicting theoretical predictions and ongoing policy disputes about the cross-firm distributional effects of financial development. Using cross-industry, cross-country data, the results are consistent with the view that financial development exerts a disproportionately positive effect on small firms. These results have implications for understanding the political economy of financial sector reform.
Original languageEnglish
Pages (from-to)1379-1405
JournalJournal of Money, Credit and Banking
Issue number7
Publication statusPublished - 2008


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