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Financial development, financialisation and economic growth

Author

Listed:
  • Malcolm Sawyer

    (University of Leeds)

Abstract

The paper reviews the theoretical arguments which have been advanced on the relationships between economic growth and growth of the financial sector. This is followed by a similar discussion on financial repression and financial liberalisation. Growth of the financial sector and de-regulation are considered as two important features of financialisation. The differences between bank-based and market based financial systems are briefly explored as is the question of whether the financial sector is now too large. The paper is completed by overviews of the empirical results on the relationship between growth of the financial sector and economic growth and on financial liberalisation.

Suggested Citation

  • Malcolm Sawyer, 2014. "Financial development, financialisation and economic growth," Working papers wpaper21, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    • Handle: RePEc:fes:wpaper:wpaper21
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    File URL: http://fessud.eu/wp-content/uploads/2013/04/Financialisation-and-growth-Sawyer-working-paper-21.pdf
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    Citations

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    Cited by:

    1. Ajai Chopra, 2015. "Financing Productivity- and Innovation-Led Growth in Developing Asia: International Lessons and Policy Issues," Working Paper Series WP15-6, Peterson Institute for International Economics.
    2. Flögel, Franz & Gärtner, Stefan, 2018. "Bankensysteme aus raumwirtschaftlicher Perspektive," Working Paper Forschungsförderung 099, Hans-Böckler-Stiftung, Düsseldorf.
    3. Jérôme Creel & Paul Hubert & Fabien Labondance, 2017. "Financialisation Risks and Econmic Performance," Documents de Travail de l'OFCE 2017-21, Observatoire Francais des Conjonctures Economiques (OFCE).
    4. Flögel, Franz & Gärtner, Stefan, 2018. "The banking systems of Germany, the UK and Spain form a spatial perspective: The German case," IAT Discussion Papers 18/04, Institut Arbeit und Technik (IAT), Westfälische Hochschule, University of Applied Sciences.
    5. repec:spo:wpmain:info:hdl:2441/4712tvppdq9m6q5i7t579thpvf is not listed on IDEAS
    6. repec:hal:spmain:info:hdl:2441/4712tvppdq9m6q5i7t579thpvf is not listed on IDEAS

    More about this item

    Keywords

    financial development; financial liberalisation; financial repression; financialisation;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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