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Financial development and innovation-led growth


  • Philippe Aghion

    (PSE - Paris School of Economics, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, CDF - Collège de France - CdF - Collège de France)

  • Peter Howitt

    (Brown University)

  • Ross Levine


For at least 5000 years, people have created, modified and used financial instruments, markets and intermediaries. Whether it was the use of money and debt to facilitate specialization and investment in Babylonia in 3000 BC (Van de Mieroop, 2005), the creation of market-traded securities in ancient Rome to mobilize capital for immense minig projets (Rostovotzeff, 1957; Malmendier, 2005).

Suggested Citation

  • Philippe Aghion & Peter Howitt & Ross Levine, 2018. "Financial development and innovation-led growth," Post-Print halshs-01883567, HAL.
  • Handle: RePEc:hal:journl:halshs-01883567
    Note: View the original document on HAL open archive server:

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