Finance and Growth: An Empirical Assessment of the Indian Economy

Abstract

In recent times, a large body of literature has emerged that asserts the role of financial intermediation in the macroeconomic models. 1 The significance of financial institutions, mainly banks, lies in the following activities: (i) banks accept deposits of household savings and lend to a large number of agents; (ii) banks hold liquid reserves against predictable withdrawal demand; (iii) banks issue liabilities that are more liquid than their primary assets; (iv) banks reduce the need for self-financing of investment. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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