Guest Workers: Financial Development and Economic Growth: Known Knowns, Known Unknowns, and Unknown Unknowns

Ugo Panizza

No 13-2013, IHEID Working Papers from Economics Section, The Graduate Institute of International Studies

Abstract: This paper summarizes the main findings of the literature on the relationship between financial and economic development (the known knowns), points to directions for future research (the known unknowns), and then speculates on the third Rumsfeldian category. The known knowns section organizes the empirical literature on finance and growth into three strands: (i) the traditional literature which established the link between finance and growth; (ii) the new literature which qualified some of the results of the traditional literature; and (iii) the new-new literature which focuses on alternative measures of financial development and on the dark side of finance. The known unknowns section focuses on causality, on the channels through which finance affects growth, and on the dark side of finance. The unknown unknowns section discusses a topic on which we may know less than what we think we know.

Pages: 34 pages
Date: 2013-12-02
New Economics Papers: this item is included in nep-gro
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Citations: View citations in EconPapers (5)

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