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Finance and Growth: A Critical Survey

We present a survey of the finance-growth nexus that raises a number of qualifications to the standard interpretation. We investigate doubts regarding empirical consensus and we consider the prevalence of cross-section econometrics as dominant in shaping the present theoretical consensus. The core implications of many finance and growth theories are shown to be disconnected not only from their modern empirical counterparts, but also from the historical literature. Copyright © 2006 The Economic Society of Australia.

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Article provided by The Economic Society of Australia in its journal Economic Record.

Volume (Year): 82 (2006)
Issue (Month): 259 (December)
Pages: 481-490

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Handle: RePEc:bla:ecorec:v:82:y:2006:i:259:p:481-490
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  1. Saint-Paul, G., 1990. "Technological Choice, Financial Markets and Economic Development," DELTA Working Papers 90-30, DELTA (Ecole normale supérieure).
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  16. Blackburn, Keith & Hung, Victor T Y, 1998. "A Theory of Growth, Financial Development and Trade," Economica, London School of Economics and Political Science, vol. 65(257), pages 107-24, February.
  17. H. W. Singer, 1998. "Growth, Development and Trade," Books, Edward Elgar, number 1358.
  18. Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 2004. "Finance, inequality, and poverty: cross-country evidence," Policy Research Working Paper Series 3338, The World Bank.
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