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The Financial Sector and Economic Growth

Arusha Cooray

Economics Working Papers from School of Economics, University of Wollongong, NSW, Australia

Abstract: The Mankiw-Romer-Weil (1992) augmented Solow-Swan model is extended to incorporate the financial sector in this study. Distinguishing between financial capital, physical capital and human capital, this study attempts to identify in particular, the effects of financial capital on economic growth. The study is also examines the effects of financial sector efficiency on economic growth. The financial sector augmented model is tested on 35 low and middle income economies. Strong support is found for the financial sector augmented model.

Keywords: Mankiw-Romer-Weil model; economic growth; financial capital; banking sector; convergence (search for similar items in EconPapers)
JEL-codes: O42 O43 O47 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2009
New Economics Papers: this item is included in nep-dev and nep-fdg
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