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Financial Structure and Economic Growth: A Non-Technical Survey

Veronika Dolar () and Cesaire Meh ()

Staff Working Papers from Bank of Canada

Keywords: Development economics; Economic models; Financial institutions; Financial markets; Financial services (search for similar items in EconPapers)
JEL-codes: F36 G00 G14 G21 K22 O16 (search for similar items in EconPapers)
Pages: 43 pages Abstract: There is a large body of literature that studies the relationship between financial structure (that is, the degree to which the financial system is either market- or intermediary-based) and long-run economic growth. This paper gives a non-technical survey of that literature designed for a general audience. The literature suggests that financial structure does not explain differential growth rates across countries. What matters for growth is the overall level and quality of financial services. Therefore, the best way to examine the connection between financial structure and growth is not to study how markets and intermediaries can substitute for each other, but rather how markets and intermediaries complement one another.
Date: 2002
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