This paper evaluates the interdependence between financial development and real sector output and its effect on economic growth. Using a panel data of 101 developed and developing countries over the period 1970 to 2010, we show that the effect of financial development on economic growth depends on the growth of private credit relative to the real output growth. The findings also suggest that the effect of financial development on growth becomes negative, if there is a rapid growth in private credit not accompanied by a growth in real output. Our findings provide empirical evidence in support of the theories postulating the existence of the optimal level of financial development given by the characteristics of an economy.

In recent decades, co-authorship and policies aimed at inducing academic collaboration have increased simultaneously. Assuming that intellectual collaboration is exogenously determined, prior studies found a negative relationship between co-authorship and productivity. I examine a panel data on economists publishing from 1970 to 2011 to test the causal effect of intellectual collaboration on intellectual output. As characteristics of the individual and her opportunity set are endogenously related to both collaboration and productivity, I instrument the amount of co-authorship by the common research interest between an author and her potential co-authors. After controlling for endogenous co-authorship formation, unobservable heterogeneity and time varying factors, the effect of intellectual collaboration on individual performance becomes positive.

Abstract-We study how knowledge about the social network of an individual researcher, as embodied in his coauthor relations, helps us in developing a more accurate prediction of his or her future productivity. We find that incorporating information about coauthor networks leads to a modest improvement in the accuracy of forecasts on individual output, over and above what we can predict based on the knowledge of past individual output. Second, we find that the informativeness of networks dissipates over the lifetime of a researcher's career. This suggests that the signaling content of the network is quantitatively more important than the flow of ideas.

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We connect gender disparities in research output and collaboration patterns in economics. We first document large gender gaps in research output. These gaps persist across 50 years despite a significant increase in the fraction of women in economics during that time. We further show that output differences are closely related to differences in the co-authorship networks of men and women: women have fewer collaborators, collaborate more often with the same co-authors, and a higher fraction of their co-authors collaborate with each other. Taking into account co-authorship networks reduces the gender output gap by 18%.