Demand-Driven Financial Development

Gilles Saint-Paul

No 1160, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: The historical record suggests that economic development is associated with the rise of the financial sector. This rise is often triggered by exogenous events such as large budget deficits generated by wars or the availability of large investment projects such as railroads. This paper discusses the role played by such demand factors in financial development and how they favour growth.

Keywords: Crowding-Out; Deficits; Economic Growth; Financial Markets; Privatization; Saving (search for similar items in EconPapers)
JEL-codes: O1 (search for similar items in EconPapers)
Date: 1995-04
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Working Paper: Demand-Driven Financial Development (1995)
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