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Chapter 12 Finance and Growth: Theory and Evidence

Handbook of Economic Growth, 2005, Vol.1, p.865-934

2005 Elsevier B.V. ;ISSN: 1574-0684 ;ISBN: 0444520414 ;ISBN: 9780444520418 ;DOI: 10.1016/S1574-0684(05)01012-9

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  • Title:
    Chapter 12 Finance and Growth: Theory and Evidence
  • Author: Levine, Ross
  • Subjects: corporate finance ; economic development ; financial institutions ; financial markets ; technological change
  • Is Part Of: Handbook of Economic Growth, 2005, Vol.1, p.865-934
  • Description: This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth. The paper highlights many areas needing additional research.
  • Publisher: Elsevier B.V
  • Language: English
  • Identifier: ISSN: 1574-0684
    ISBN: 0444520414
    ISBN: 9780444520418
    DOI: 10.1016/S1574-0684(05)01012-9
  • Source: ScholarVox International
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