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| Author: | Levine, R. |
| Title: | Financial development and economic growth: views and agenda |
| Journal: | Journal of Economic Literature
1997 : JUN, VOL. 35:2, p. 688-726 |
| Index terms: | ECONOMICS ECONOMIC GROWTH FINANCE |
| Language: | eng |
| Abstract: | Economists hold startingly different opinions regarding the importance of the financial system for the economic growth. The preponderance of theoretical reasoning and empirical evidence suggests a positive, first-order relationship between financial development and economic growth. A growing body of work would push even most sceptics toward the belief that the development of financial markets and institutions is a critical and inextricable part of the growth process and away from the view that the financial system is an inconsequential side show, responding passively to economic growth and industrialization. |
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