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Finance and growth—shortly reconsidered
Vierteljahrshefte zur Wirtschaftsforschung, Vol. 87 (2018), Iss. 4 : pp. 119–126
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Mechthild Schrooten, Hochschule Bremen
References
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Google Scholar -
Pagano, M. (1993): Financial markets and growth: an overview. European Economic Review, 37, 13–22.
Google Scholar -
McKinnon, R. I. (1973): Money and capital in economic development. Washington D. C., Brookings Institution.
Google Scholar -
Levine, R., N. Loayza, and T. Beck (2000): Financial intermediation and growth: Causality and causes. Journal of Monetary Economics, 46 (1), August, 31–77.
Google Scholar -
King, R., and R. Levine (1993b): Finance, entrepreneurship and growth. Journal of Monetary Economics, 3, 513–542.
Google Scholar -
King, R., and R. Levine (1993a): Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108 (3), 717–737. Retrieved from www.jstor.org/stable/2118406
Google Scholar -
Eurostat (2019): Your key European Statistics . Retrieved from https://ec.europa.eu/eurostat/web/national-accounts/data/database
Google Scholar -
Cecchetti, S. G., and E. Kharroubi (2015): Why does financial sector growth crowd out real economic growth? Retrieved from http://people.brandeis.edu/~cecchett/WPpdf/2015_Cecchetti_Kharroub.pdf
Google Scholar -
Cecchetti, S. G., and E. Kharroubi (2012): Reassessing the impact of Finance on Growth. BIS Working Papers No 381, BIS. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2117753
Google Scholar -
Beck, T. (2012): Finance and growth: Lessons from the literature and recent crisis. London. Retrieved from http://www.thorstenbeck.com/108089814
Google Scholar
Abstract
In the 1980s and 90s of the last century, one economic paradigm gained power: financial development was considered as a major determinant of economic growth and productivity (Levine, Loayza and Beck 2000). Typically, paradigms are based on assumptions. Reality made a reconsideration of the former results necessary. With the international crisis 2007 it became clear that financial development and credit booms might not only support growth but jeopardize the whole economic system. While there exists a huge literature on the finance growth nexus before the international financial crisis analyses on post-crisis developments are rare. In this empirical paper, we focus on these post-crisis developments and find that the finance-growth nexus has widely disappeared after crisis. This might go back to a deeper understanding of systemic and financial risk.
Table of Contents
| Section Title | Page | Action | Price |
|---|---|---|---|
| Mechthild Schrooten: Finance and growth—shortly reconsidered | 1 | ||
| Summary | 1 | ||
| Zusammenfassung | 1 | ||
| 1 Introduction | 2 | ||
| 2 Data description | 3 | ||
| 3 First results | 6 | ||
| 4 Conclusion | 7 | ||
| References | 8 |