IDEAS home Printed from
   My bibliography  Save this paper

Financial development, financialisation and economic growth


  • Malcolm Sawyer

    (University of Leeds)


The paper reviews the theoretical arguments which have been advanced on the relationships between economic growth and growth of the financial sector. This is followed by a similar discussion on financial repression and financial liberalisation. Growth of the financial sector and de-regulation are considered as two important features of financialisation. The differences between bank-based and market based financial systems are briefly explored as is the question of whether the financial sector is now too large. The paper is completed by overviews of the empirical results on the relationship between growth of the financial sector and economic growth and on financial liberalisation.

Suggested Citation

  • Malcolm Sawyer, 2014. "Financial development, financialisation and economic growth," Working papers wpaper21, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
  • Handle: RePEc:fes:wpaper:wpaper21

    Download full text from publisher

    File URL:
    File Function: Full text
    Download Restriction: no

    References listed on IDEAS

    1. Turner, Bengt, 1997. "Housing Cooperatives in Sweden: The Effects of Financial Deregulation," The Journal of Real Estate Finance and Economics, Springer, vol. 15(2), pages 193-217, October.
    2. M. Pohl, 1994. "Handbook On The History Of European Banks," Books, Edward Elgar Publishing, number 204.
    3. Sayer, Andrew, 2015. "Why We Can't Afford the Rich," University of Chicago Press Economics Books, University of Chicago Press, number 9781447320791.
    4. Roger Andersson & Lena Magnusson Turner, 2014. "Segregation, gentrification, and residualisation: from public housing to market-driven housing allocation in inner city Stockholm," International Journal of Housing Policy, Taylor & Francis Journals, vol. 14(1), pages 3-29, March.
    5. Alexis Stenfors, 2014. "The Swedish Financial System," FESSUD studies fstudy13, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    6. Harvey, David, 2005. "The New Imperialism," OUP Catalogue, Oxford University Press, number 9780199278084.
    7. Jamie Peck & Nik Theodore & Neil Brenner, 2013. "Neoliberal Urbanism Redux?," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 37(3), pages 1091-1099, May.
    8. Brett Christophers, 2013. "A Monstrous Hybrid: The Political Economy of Housing in Early Twenty-first Century Sweden," New Political Economy, Taylor & Francis Journals, vol. 18(6), pages 885-911, December.
    9. Anders Lund Hansen & Hans Thor Andersen & Eric Clark, 2001. "Creative Copenhagen: Globalization, Urban Governance and Social Change," European Planning Studies, Taylor & Francis Journals, vol. 9(7), pages 851-869, October.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Jérôme Creel & Paul Hubert & Fabien Labondance, 2017. "Financialisation Risks and Econmic Performance," Documents de Travail de l'OFCE 2017-21, Observatoire Francais des Conjonctures Economiques (OFCE).

    More about this item


    financial development; financial liberalisation; financial repression; financialisation;

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

    NEP fields

    This paper has been announced in the following NEP Reports:


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fes:wpaper:wpaper21. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Helen Evans). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.