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Private Investment and Financial Development

In: Determinants of Financial Development

Author

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  • Yongfu Huang

    (University of Cambridge)

Abstract

In recent decades there has been a large body of literature studying the substantial roles that investment and financial development play in long-run economic growth (Levine and Renelt, 1992; King and Levine, 1993 among others). This chapter aims to provide an exhaustive analysis of the existence of and directions of causality between these two important aspects of economic activities, namely aggregate private investment and financial development. By exploiting the time series variation in both private investment and financial development, and allowing for global interdependence and heterogeneity across countries, this chapter suggests positive causal effects going in both directions.

Suggested Citation

  • Yongfu Huang, 2011. "Private Investment and Financial Development," Palgrave Macmillan Books, in: Determinants of Financial Development, chapter 3, pages 64-100, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-30249-5_3
    DOI: 10.1057/9780230302495_3
    as

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