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Non-linéarités dans la relation entre finance et croissance

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  • Ugo Panizza

Abstract

This paper reviews the empirical literature on the links between finance and growth with a special focus on the empirical literature that has shown that the marginal contribution of financial depth to economic growth becomes negative in countries with large financial sectors (the ?too much finance? result). It then assesses the empirical and theoretical validity of recent criticisms to this literature and concludes by discussing avenues for future research aimed at identifying the channels through which a very large financial sector can slow down economic growth. Classification JEL: F36, G10, O16, O40.

Suggested Citation

  • Ugo Panizza, 2017. "Non-linéarités dans la relation entre finance et croissance," Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 83-94.
    • Handle: RePEc:cai:refaef:ecofi_127_0083
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    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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