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Financial Development, Technological Progress and Economic Growth

Lorenzo Ductor

出版	SSRN, 2016
URL	http://books.google.com.hk/books?id=9MH7zgEACAAJ&hl=&source=gbs_api

註釋

This paper contributes to the empirical literature on the non-trivial relationship between financial development and economic growth. Based on panel data from 98 developed and developing countries, we show that for smooth economic development, balanced growth of both the industrial and financial sectors is required. Our results are consistent with existing theoretical studies, suggesting that financial sector and real sector technologies are interdependent, which explains the nonlinear relationship between financial development and economic growth.