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Financial Development And Economic Growth: Theory And a Survey Of Evidence

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  • M J Aziakpono

Abstract

This paper presents a simple endogenous growth model to demonstrate the role of financial development in economic growth. It further explores the causal relationship between financial development and economic growth. Lastly, it reviews the empirical evidence on the relationship between financial development and economic growth. In reviewing the empirical literature the paper highlights issues worthy of consideration in future empirical studies on the finance-growth nexus, especially in developing countries. Such issues among others include appropriate indicators of financial development that will best capture the functions perform by the financial system and the empirical modelling framework.

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  • M J Aziakpono, 2011. "Financial Development And Economic Growth: Theory And a Survey Of Evidence," Studies in Economics and Econometrics, Taylor & Francis Journals, vol. 35(1), pages 15-44, April.
    • Handle: RePEc:taf:rseexx:v:35:y:2011:i:1:p:15-44
    DOI: 10.1080/10800379.2011.12097214
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    Cited by:

    1. Paul Ritschel & Jan Wenzelburger, 2024. "Financial intermediation and efficient risk sharing in two-period lived OLG models," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 12(1), pages 57-78, June.
    2. Rauber, Tom & Ritschel, Paul, 2024. "Banking competition and capital dependence of the production sector: Growth and welfare implications," International Review of Economics & Finance, Elsevier, vol. 89(PB), pages 676-698.

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