Finance and Regional Development: A Survey for Hazardous Times

Valverde Santiago Carb?
Authors registered in the RePEc Author Service: Santiago Carbo Valverde

SCIENZE REGIONALI, 2009, vol. 8, issue 2, 5-18

Abstract: Finance and Regional Development: A Survey for Hazardous Times - This article surveys the contributions to the literature on the relationship between finance and growth and pays especial attention to the regional perspective. The survey reveals that although the main cross-country studies confirm the existence of a causal link between finance and growth, this regional perspective offers more accurate and richer insights into these relationships, because institutional factors are better controlled at this level, and the market definition (regions vs. countries) seems more relevant in illustrating the interaction among households, firms and financial intermediaries. Among the main determinants of these finance/growth connections, the institutional and legal environment and the state of economic development have been shown to be of key importance. The article also considers the lessons to be drawn from that financial crisis and its implications for the relation ship between the financial architecture (at any territorial level) and economic growth. Keywords: Finance, growth, regions, crisis. Parole chiave: Finanza, sviluppo, regioni, crisi. JEL Classification: R11, G21

Date: 2009
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