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The Literature on the Finance–Growth Nexus in the Aftermath of the Financial Crisis: A Review

Emmanuel Carré and Guillaume L'Oeillet ()
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Emmanuel Carré: SPIRIT - Science Politique Relations Internationales Territoire - Université Montesquieu - Bordeaux 4 - Institut d'Études Politiques [IEP] - Bordeaux - CNRS - Centre National de la Recherche Scientifique, UBS Vannes - Université de Bretagne Sud - Vannes - UBS - Université de Bretagne Sud
Guillaume L'Oeillet: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR1 - Université de Rennes 1 - UNIV-RENNES - Université de Rennes - CNRS - Centre National de la Recherche Scientifique

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Abstract: This article provides a survey of the recent literature on the finance and growth relationship, the so-called nexus, since the 2007 global financial crisis. We use simple bibliometric analysis to survey this literature. The crisis brought the nexus into question which is why we begin by reviewing the impact of the crisis on the pre-crisis consensus in the immediate aftermath of the crisis (2008–2014). Then, we review the evolution of the finance growth nexus after 2014. We discuss the current state of the pre-crisis consensus, and highlight the main features of the new consensus. We also propose a review of the methodological aspects of this recent literature, the econometrics of finance and growth in particular. Finally, we identify the actual limitations of literature and the key issues remaining unresolved which suggests avenues for future research.

Keywords: Financial sector size; Financial crisis; Too much finance; Nonlinearity; Finance growth nexus (search for similar items in EconPapers)
Date: 2018-03
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01746069
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Published in Comparative Economic Studies, Palgrave Macmillan, 2018, 60 (1), pp.161-180. 〈10.1057/s41294-018-0056-6〉

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01746069

DOI: 10.1057/s41294-018-0056-6

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