Financial Growth and Economic Development

John H. Welch
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John H. Welch: Federal Reserve Bank of Dallas

Chapter 1 in Capital Markets in the Development Process, 1993, pp 16-44 from Palgrave Macmillan

Abstract: Abstract An increased separation between saving and investment decisions, i.e. large increases in financial assets relative to tangible assets, is seen by many economists1 to be a necessary if not sufficient condition for the self-sustained growth of an economy. Over the last three decades extensive theoretical and empirical research has focused on the relationship of financial development and economic development.

Keywords: Interest Rate; Financial Market; Financial Asset; Capital Inflow; Equity Financing (search for similar items in EconPapers)
Date: 1993
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-11211-1_2

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DOI: 10.1007/978-1-349-11211-1_2

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