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The Changing Face of Financial Development

Panicos Demetriades () and Peter Rousseau ()

No 15/20, Discussion Papers in Economics from Division of Economics, School of Business, University of Leicester

Abstract: We provide evidence from a large number of countries which demonstrates the changing nature of the finance-growth nexus. Specifically, we show that financial depth is no longer a significant determinant of long-run growth. Instead we find evidence to suggest that certain financial reforms have sizeable growth effects, which can be positive or negative depending on how well banks are regulated and supervised.

Keywords: 14/ (search for similar items in EconPapers)
Date: 2015-08
New Economics Papers: this item is included in nep-ger and nep-pke
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Journal Article: The changing face of financial development (2016) Downloads
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