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The finance-growth nexus revisited: From origins to a modern theoretical landscape

Listed author(s):
  • Stolbov, Mikhail

The paper recounts the history of the finance-growth nexus research from its origins to the yearly 1990s. The contributions are analyzed in connection with the socioeconomic context and advances in economic theory. Many ideas first expressed decades ago are still subject to constant discussions and empirical checks, for example, causality direction between finance and economic growth which appeared on the agenda in the mid-1960s. Data improvement and theoretical advances, namely, breakthroughs in the economic theory of information in conjunction with endogenous growth models and growth regressions, shaped the modern landscape of this research program in the early 1990s.

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File URL: http://dx.doi.org/10.5018/economics-ejournal.ja.2013-2
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File URL: https://www.econstor.eu/bitstream/10419/68633/1/735001006.pdf
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Article provided by Kiel Institute for the World Economy (IfW) in its journal Economics: The Open-Access, Open-Assessment E-Journal.

Volume (Year): 7 (2013)
Issue (Month): ()
Pages: 1-22

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Handle: RePEc:zbw:ifweej:20132
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  1. Simplice A, Asongu, 2011. "Finance and growth: Schumpeter might be wrong in our era. New evidence from Meta-analysis," MPRA Paper 32559, University Library of Munich, Germany, revised 07 Feb 2013.
  2. Reinhart, C. M., 2012. "The return of financial repression," Financial Stability Review, Banque de France, issue 16, pages 37-48, April.
  3. Laurent Augier & Wahyoe Soedarmono, 2011. "Threshold Effect and Financial Intermediation in Economic Development," Economics Bulletin, AccessEcon, vol. 31(1), pages 342-357.
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  7. Saint-Paul, Gilles, 1992. "Technological choice, financial markets and economic development," European Economic Review, Elsevier, vol. 36(4), pages 763-781, May.
  8. Reinhart, Karmen & Rogoff, Kenneth, 2009. ""This time is different": panorama of eight centuries of financial crises," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 77-114, March.
  9. Luintel, Kul B. & Khan, Mosahid & Arestis, Philip & Theodoridis, Konstantinos, 2008. "Financial structure and economic growth," Journal of Development Economics, Elsevier, vol. 86(1), pages 181-200, April.
  10. Bangake, Chrysost & Eggoh, Jude C., 2011. "Further evidence on finance-growth causality: A panel data analysis," Economic Systems, Elsevier, vol. 35(2), pages 176-188, June.
  11. Luc Laeven & Fabian Valencia, 2010. "Resolution of Banking Crises; The Good, the Bad, and the Ugly," IMF Working Papers 10/146, International Monetary Fund.
  12. Jean Arcand & Enrico Berkes & Ugo Panizza, 2015. "Too much finance?," Journal of Economic Growth, Springer, vol. 20(2), pages 105-148, June.
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  14. Panicos Demetriades & Svetlana Andrianova, "undated". "Finance and Growth: What We Know and What We Need To Know," Discussion Papers in Economics 03/15, Department of Economics, University of Leicester.
  15. Stephen Cecchetti & Enisse Kharroubi, 2012. "Reassessing the impact of finance on growth," BIS Working Papers 381, Bank for International Settlements.
  16. Christian Saborowski, 2011. "Can financial development cure the Dutch disease?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 16(3), pages 218-236, 07.
  17. Ghani, Ejaz, 1992. "How financial markets affect long run growth : a cross country study," Policy Research Working Paper Series 843, The World Bank.
  18. Huang, Yongfu, 2010. "Political Institutions and Financial Development: An Empirical Study," World Development, Elsevier, vol. 38(12), pages 1667-1677, December.
  19. Jung, Woo S, 1986. "Financial Development and Economic Growth: International Evidence," Economic Development and Cultural Change, University of Chicago Press, vol. 34(2), pages 333-346, January.
  20. Bhattacharyya, Sambit & Hodler, Roland, 2014. "Do Natural Resource Revenues Hinder Financial Development? The Role of Political Institutions," World Development, Elsevier, vol. 57(C), pages 101-113.
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