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Demand-Driven Financial Development


  • Saint-Paul, G.


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.
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Suggested Citation

  • Saint-Paul, G., 1995. "Demand-Driven Financial Development," DELTA Working Papers 95-07, DELTA (Ecole normale supérieure).
  • Handle: RePEc:del:abcdef:95-07

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    References listed on IDEAS

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    JEL classification:

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


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