Finance and Growth

Abstract

This paper aims at providing an overview of the theoretical considerations and a review of the empirical literature on the relationship between finance and growth.Section I describes the role of financial development in economic growth at the macro level, both theoretically and empirically.Section II examines the role of corporate finance in firm-level performance, especially focusing on the role of "internal funds" and "internal capital markets".Section III presents a comparative analysis of financial systems, and analyses both the Asian crisis and the US venture capital phenomenon from this perspective.Section IV presents some policy implications and conclusions.

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