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The Growth-Finance Nexus and European Integration. A Review of the Literature

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Author Info
Carettoni, A (Centro Europa Ricerche)
Manzocchi, S () (University of Perugia)
Padoan, P.C. (University of Rome & International Monetary Fund)

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Abstract

This paper presents a survey of the literature on the relationship between finance and growth and discusses the implications of this relationship for European integration. A first goal of this paper is to discuss the channels financial systems promote growth through. From a theoretical point of view two different approaches can be singled out. One, based on neo-classical theory, identifies markets as the most efficient financial system in the long run; a second one, assuming asymmetric information in credit markets, attributes to banks a key role also in the more advanced stages of development. Against this background, this paper offers a first look at the connections between the more recent developments in the growth finance literature and the new European integration framework. It also suggests that the peculiar, and often complex, features of the growth mechanism in Europe, may help to shed some light on more general issues addressed in the growth finance literature

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Paper provided by United Nations University, Institute for New Technologies in its series EIFC - Technology and Finance Working Papers with number 5.

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Date of creation: 2001
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Handle: RePEc:dgr:unutaf:eifc01-5

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Related research
Keywords: Finance; Economic Growth; European Integration; Literature Survey;

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  1. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Mayer, Colin, 1988. "New issues in corporate finance," European Economic Review, Elsevier, vol. 32(5), pages 1167-1183, June. [Downloadable!] (restricted)
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  3. Sharpe, Steven A, 1990. " Asymmetric Information, Bank Lending, and Implicit Contracts: A Stylized Model of Customer Relationships," Journal of Finance, American Finance Association, vol. 45(4), pages 1069-87, September. [Downloadable!] (restricted)
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  4. Jean-Pierre DANTHINE & Francesco GIAVAZZI & Ernst-Ludwig VON THADDEN, 2000. "European Financial Markets After EMU: A First Assessment," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 00.03, Université de Lausanne, Faculté des HEC, DEEP, revised May 2000. [Downloadable!]
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  5. Midelfart-Knarvik, K.H. & Overman, H.G. & Redding, S.J. & Venables, A.J., 2000. "The Location of European Industry," European Economy - Economic Papers 142, Commission of the EC, Directorate-General for Economic and Financial Affairs (DG ECFIN).
  6. Diamond, Douglas W, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Blackwell Publishing, vol. 51(3), pages 393-414, July. [Downloadable!] (restricted)
  7. Michael Leahy & Sebastian Schich & Gert Wehinger & Florian Pelgrin & Thorsteinn Thorgeirsson, 2001. "Contributions of Financial Systems to Growth in OECD Countries," OECD Economics Department Working Papers 280, OECD, Economics Department. [Downloadable!]
  8. James Tobin, 1987. "Financial Intermediaries," Cowles Foundation Discussion Papers 817, Cowles Foundation, Yale University. [Downloadable!]
  9. Ross Levine & Sara Zervos, . "Stock markets, banks and economic growth ," CERF Discussion Paper Series 95-11, Economics and Finance Section, School of Social Sciences, Brunel University.
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  10. Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June. [Downloadable!] (restricted)
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  11. Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," Harvard Institute of Economic Research Working Papers 1788, Harvard - Institute of Economic Research.
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  12. Nicola Cetorelli & Michele Gambera, 1999. "Banking market structure, financial dependence and growth: international evidence from industry data," Working Paper Series WP-99-8, Federal Reserve Bank of Chicago. [Downloadable!]
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  13. Paul Schreyer, 2000. "The Contribution of Information and Communication Technology to Output Growth: A Study of the G7 Countries," OECD Science, Technology and Industry Working Papers 2000/2, OECD, Directorate for Science, Technology and Industry. [Downloadable!]
  14. Pagano, Marco, 1993. "Financial markets and growth: An overview," European Economic Review, Elsevier, vol. 37(2-3), pages 613-622, April. [Downloadable!] (restricted)
  15. Rajan, Raghuram G & Zingales, Luigi, 1998. "Financial Dependence and Growth," American Economic Review, American Economic Association, vol. 88(3), pages 559-86, June. [Downloadable!] (restricted)
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  16. Dale W. Jorgenson & Kevin J. Stiroh, 2000. "Raising the Speed Limit: US Economic Growth in the Information Age," OECD Economics Department Working Papers 261, OECD, Economics Department. [Downloadable!]
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  17. Raffaele Paci & Francesco Pigliaru, 1997. "European regional growth: do sectors matter?," Working Paper CRENoS 199703, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia. [Downloadable!]
  18. Hoshi, Takeo & Kashyap, Anil & Scharfstein, David, 1990. "The role of banks in reducing the costs of financial distress in Japan," Journal of Financial Economics, Elsevier, vol. 27(1), pages 67-88, September. [Downloadable!] (restricted)
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  19. Roeger, W., 2001. "The Contribution of Information and Communication Technologies to Growth in Europe and the US: A Macroeconomic Analysis," European Economy - Economic Papers 147, Commission of the EC, Directorate-General for Economic and Financial Affairs (DG ECFIN).
  20. Kevin J. Stiroh, 2001. "What drives productivity growth?," Economic Policy Review, Federal Reserve Bank of New York, issue Mar, pages 37-59. [Downloadable!]
  21. Pagano, Marco, 1989. "Trading Volume and Asset Liquidity," The Quarterly Journal of Economics, MIT Press, vol. 104(2), pages 255-74, May. [Downloadable!] (restricted)
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  22. James Tobin, 1963. "Commercial Banks as Creators of 'Money'," Cowles Foundation Discussion Papers 159, Cowles Foundation, Yale University. [Downloadable!]
  23. Colin Mayer, 1996. "Corporate Governance, Competition and Performance," OECD Economics Department Working Papers 164, OECD, Economics Department. [Downloadable!]
  24. Franklin Allen & Douglas Gale, 1994. "A Welfare Comparison of the German and U.S. Financial Systems," Center for Financial Institutions Working Papers 94-12, Wharton School Center for Financial Institutions, University of Pennsylvania.
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(explanations, 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.)

  1. Mariani, Fabio & Padoan, Pierre Carlo, 2003. "The Growth-Finance Nexus and European Integration: A Macroeconomic Perspective," EIFC - Technology and Finance Working Papers 23, United Nations University, Institute for New Technologies. [Downloadable!]
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