This paper studies how financial development affects the relation between average growth and growth volatility through … liquidity crises. Then with this mechanism, we show in a macro framework that the relation between average growth and growth … volatility is more likely to be negative in developing countries, but more likely to be positive in developed economies. Finally …

proportionally during upturns; (iv) average R&D investment and productivity growth are more negatively correlated with sales … volatility in more credit constrained firms. …

analysis of the relationship between financial development and economic growth. Different measures of financial instability are … that there exists a positive link between financial development and economic growth both in the short and long run. On the … one hand, we find that financial instability does not affect economic growth, nor the link between the latter and …

of capital. Integration then raises the economy's growth rate. On the contrary, if foreign lenders are not able, due to … supply. Integration then depresses the economy's growth rate, firms cost of capital and the volume of credit extended in the …

cycles in France. The continued high growth rate of housing loans may indeed raise concerns as to the duration and …

with a 3- to 6-month lead on business and growth cycle. During the last forty years, the financial market rarely proved …