Reassessing the impact of finance on growth
AbstractThis 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 InfoPaper provided by Bank for International Settlements in its series BIS Working Papers with number 381.
Length: 22 pages
Date of creation: Jul 2012
Date of revision:
Growth; financial development; credit booms; R&D intensity; financial dependence;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-07-29 (All new papers)
- NEP-BAN-2012-07-29 (Banking)
- NEP-EFF-2012-07-29 (Efficiency & Productivity)
- NEP-FDG-2012-07-29 (Financial Development & Growth)
- NEP-MFD-2012-07-29 (Microfinance)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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Working papers, Banque de France
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- Cahuc, Pierre & Challe, Edouard, 2009. "Produce or Speculate? Asset Bubbles, Occupational Choice and Efficiency," CEPR Discussion Papers, C.E.P.R. Discussion Papers 7602, C.E.P.R. Discussion Papers.
- Cahuc, Pierre & Challe, Edouard, 2009. "Produce or Speculate? Asset Bubbles, Occupational Choice and Efficiency," IZA Discussion Papers 4630, Institute for the Study of Labor (IZA).
- Stephen Cecchetti & Madhusudan Mohanty & Fabrizio Zampolli, 2011. "The real effects of debt," BIS Working Papers, Bank for International Settlements 352, Bank for International Settlements.
Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Quelles relations entre structure financiÃ¨re et croissance Ã©conomique ?
by ? in D'un champ l'autre on 2014-03-12 16:26:00
- LâÃ©nigme de la productivitÃ© outre-Manche
by ? in D'un champ l'autre on 2014-07-30 23:48:00
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