Financial Intermediation and Economic Growth

Leyla Yusifzada () and Aytan Mammadova ()
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Leyla Yusifzada: Central Bank of Azerbaijan Republic
Aytan Mammadova: Central Bank of Azerbaijan Republic

No 1502, Working Papers from Central Bank of Azerbaijan Republic

Abstract: Financial depth does not fully reflect how well the financial intermediaries serve to economic agents in stimulating economic growth. Additional aspects of financial system such as access, efficiency and stability should be taken into account in order to shed light into the relationship between finance and economic growth. In our paper we capture the four aspects of finance – depth, access, efficiency and stability – to investigate the impact of financial development and economic growth. Our results suggest that the impact of four parameters of financial development differs depending on the level of financial development and has an inverted S-shape function.

Keywords: Financial intermediaries; financial development; economic growth; financial depth; access to finance; efficiency; financial stability (search for similar items in EconPapers)
JEL-codes: E44 O16 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2015-10-01
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Persistent link: https://EconPapers.repec.org/RePEc:aze:wpaper:1502

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