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Demand-Driven Financial Development

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  • Saint-Paul, Gilles

Abstract

The historical record suggests that economic development is associated with the rise of the financial sector. This rise is often triggered by exogenous events such as large budget deficits generated by wars or the availability of large investment projects such as railroads. This paper discusses the role played by such demand factors in financial development and how they favour growth.

Suggested Citation

  • Saint-Paul, Gilles, 1995. "Demand-Driven Financial Development," CEPR Discussion Papers 1160, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:1160
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    Keywords

    Crowding-Out; Deficits; Economic Growth; Financial Markets; Privatization; Saving;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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