Financial development: concept and measurement

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Chapter 2 in Financialisation, 2023, pp 22-50 from Edward Elgar Publishing

Abstract: The mainstream (neoclassical) literature rarely, if at all, mentions the word “financialisation”, which can be found in the post Keynesian and heterodox economic literature as well as studies in politics and economic sociology. In the mainstream literature we find the concept of “financial development” or the other concept of “financial deepening”. Financial development is essential in the early stages of economic development - it is the financial deepening associated with the provision of basic financial services. A modern economy cannot function without a vibrant financial sector, but the role played by the financial sector in the economy should not be exaggerated by going as far as claiming that finance is conducive to the reduction of poverty and inequality.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (4)

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