Finance and Growth: What We Know and What We Need To Know

Panicos Demetriades and Svetlana Andrianova

No 03/15, Discussion Papers in Economics from Division of Economics, School of Business, University of Leicester

Abstract: The paper reviews recent literature on the relationship between finance and growth, highlighting areas where we need to know more. The paper argues that institutions, such as financial regulation, have a first-order effect on financial development and growth, and that their effectiveness could determine the success or failure of policies like bank privatisation or financial liberalisation. It concludes that a better understanding of the obstacles to financial development, which include institutional, legal and political economy constraints, is needed.

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