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The relationship between financial development and entrepreneurship: the moderator effect of banking concentration

D'Aniello, Christian
(2024)

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Details

Supervisors
Johnen, Johannes
Faculty
Faculté des sciences économiques, sociales, politiques et de communication
Degree label
Master [120] en sciences économiques, orientation générale, à finalité approfondie
Abstract
The financial system is crucial in explaining and determining the formation of new firms, thereby fostering economic growth. This study attempts to answer two critical questions: i) how financial development affects entrepreneurship during the crisis period of 2007/2008; ii) how the impact of financial development changes in different banking market structures. To this end, we use an international dataset that includes all European countries from 2005 to 2020, considering information on commercial and cooperative banks. The results, based on Instrumental Variable (IV) estimator, show a reduction of the positive impact of financial development during the crisis period ( compared to periods of economic stability) and that the effect of financial development on entrepreneurship is less strong in highly concentrated banking markets. This not only raises crucial questions, but also ignites a lively debate on the challenges to promote economic growth.