FINANCE AND BALANCED GROWTH

Alex William Trew

15 citations0/0 files storedMacroeconomic Dynamics

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Monetary Policy and Economic Impact Economic Growth and Productivity Economic theories and models

Abstract

We study the relationships between various concepts of financial development and balanced economic growth. A model of endogenous growth that incorporates roles for both financial efficiency and access to financial services permits a better understanding of the relationship between the size of the financial sector (value added) and growth. Higher financial value added results from some, but not all, kinds of finance-driven growth. If greater access rather than greater efficiency generates higher growth, then value added and growth can be positively correlated. We present some preliminary empirical results that support the importance of access alongside efficiency in explaining cross-country variations in growth.

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References

1993Finance and Growth: Schumpeter Might Be Right 2005Handbook of Economic Growth 2000Financial intermediation and growth: Causality and causes 1993Finance, entrepreneurship and growth 1990Financial Development, Growth, and the Distribution of Income 1998Law, Finance, and Firm Growth 1989Financial Development, Growth, and the Distribution of Income 2007Introduction to Modern Economic Growth

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2017Finance, Investment and Growth: Evidence for Italy

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