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Reassessing the impact of finance on growth

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Author Info

  • Stephen Cecchetti
  • Enisse Kharroubi

Abstract

This paper investigates how financial development affects aggregate productivity growth. Based on a sample of developed and emerging economies, we first show that the level of financial development is good only up to a point, after which it becomes a drag on growth. Second, focusing on advanced economies, we show that a fast-growing financial sector is detrimental to aggregate productivity growth.

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Bibliographic Info

Paper provided by Bank for International Settlements in its series BIS Working Papers with number 381.

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Length: 22 pages
Date of creation: Jul 2012
Date of revision:
Handle: RePEc:bis:biswps:381

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Related research

Keywords: Growth; financial development; credit booms; R&D intensity; financial dependence;

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References

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  1. Cahuc, P. & Challe, E., 2010. "Produce or speculate? Asset bubbles, occupational choice and efficiency," Working papers 298, Banque de France.
  2. Stephen Cecchetti & Madhusudan Mohanty & Fabrizio Zampolli, 2011. "The real effects of debt," BIS Working Papers 352, Bank for International Settlements.
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As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Quelles relations entre structure financière et croissance économique ?
    by ? in D'un champ l'autre on 2014-03-12 16:26:00
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