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Non-linearities in the Relationship between Finance and Growth

Ugo Panizza

No 12-2017, IHEID Working Papers from Economics Section, The Graduate Institute of International Studies

Abstract: This paper reviews the empirical literature on the links between ?finance and growth with a special focus on the empirical literature that has shown that the marginal contribution of fi?nancial depth to economic growth becomes negative in countries with large fi?nancial sectors (the too much fi?nance? result). It then assesses the empirical and theoretical validity of recent criticisms to this literature and concludes by discussing avenues for future research aimed at identifying the channels through which a very large ?financial sector can slow down economic growth.

Keywords: Financial development; Finance-growth Nexus; Too much finance (search for similar items in EconPapers)
JEL-codes: G10 O16 F36 O40 (search for similar items in EconPapers)
Pages: 14 pages
Date: 2017-05
New Economics Papers: this item is included in nep-fdg and nep-gro
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Journal Article: Nonlinearities in the Relationship Between Finance and Growth (2018) Downloads
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