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Croissance et finance

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  • Philippe Aghion

Abstract

Various attempts have been made recently at explaining why productivity differences persist between rich and poor countries, and why some countries diverge from the world technology frontier in terms of their per capita GDP levels or growth rates, while other countries manage to catch up with the world frontier. We explore the role of credit market imperfections in explaining cross-country growth performance and cross-country convergence and divergence, following Lucas?s observation that capital does not flow from rich to poor countries even though the marginal return to capital is higher in the latter. We also analyse the interplay between credit market imperfections and macroeconomic policies. We show that interacting financial development with macroeconomic variables such as average productivity or output volatility in growth and finance regressions generates a rich set of new empirical predictions, e.g. on convergence and divergence, and on the growth effect of countercyclical macroeconomic policies. JEL Classification: F21, F30, F4, F5, G1, O14, O16, O4.

Suggested Citation

  • Philippe Aghion, 2007. "Croissance et finance," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 79-100.
  • Handle: RePEc:cai:reofsp:reof_102_0079
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    Citations

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    Cited by:

    1. Jean-Pierre Allegret & Sana Azzabi, 2012. "Développement financier, croissance de long terme et effets de seuil," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 59(5), pages 553-581, December.
    2. Jean-Pierre Allegret & Sana Azzabi, 2012. "Développement financier, croissance de long terme et effets de seuil," Post-Print hal-01385862, HAL.
    3. Emmanuel Carré & Guillaume L’œillet, 2018. "The Literature on the Finance–Growth Nexus in the Aftermath of the Financial Crisis: A Review," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 60(1), pages 161-180, March.

    More about this item

    Keywords

    growth; finance; technology frontier; productivity; credit market imperfections; convergence; divergence; macroeconomic policy;

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F30 - International Economics - - International Finance - - - General
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • F5 - International Economics - - International Relations, National Security, and International Political Economy
    • G1 - Financial Economics - - General Financial Markets
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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