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A Pedagogical Tool For Illustrating The Real Impact Of The Financial Sector


  • Yuan K. Chou


We devise a simple way of incorporating the financial sector into a growth model that is useful pedagogically. Financial innovation raises the efficiency of financial intermediation, which facilitates capital accumulation. The model may be extended to include real R&D as a symbiotic source of endogenous growth.

Suggested Citation

  • Yuan K. Chou, 2003. "A Pedagogical Tool For Illustrating The Real Impact Of The Financial Sector," Department of Economics - Working Papers Series 888, The University of Melbourne.
  • Handle: RePEc:mlb:wpaper:888

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    References listed on IDEAS

    1. Tufano, Peter, 1989. "Financial innovation and first-mover advantages," Journal of Financial Economics, Elsevier, vol. 25(2), pages 213-240, December.
    2. Tjalling C. Koopmans, 1963. "On the Concept of Optimal Economic Growth," Cowles Foundation Discussion Papers 163, Cowles Foundation for Research in Economics, Yale University.
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    1. repec:wsi:serxxx:v:49:y:2004:i:02:n:s0217590804000883 is not listed on IDEAS

    More about this item


    Financial innovations; economic growth;

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models


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