We show that financial development has a non-monotonic effect on growth in the Rajan and Zingales (1998) and Fisman and … Love (2007) sample. Beyond a threshold, financially dependent industries and industries facing good growth opportunities …

We find that an expansion of credit has a positive effect on per capita output growth only up to a point. Beyond this … threshold the impact of finance on growth is not statistically significant anymore. We show, however, that the estimated non … impact on growth in mature financial systems, and include the magnitude of financial cycles as well as the importance of non …

business. As a result idiosyncratic risk discourages entrepreneurial activity and hinders growth, with the effects being … and dispersion of productivity growth. …

countries, and why some countries diverge from the world technology frontier in terms of their per capita GDP levels or growth … in explaining cross-country growth performance and cross-country convergence and divergence, following Lucas … interacting financial development with macroeconomic variables such as average productivity or output volatility in growth and …

Without doubt a well-developed financial sector is related to efficient resource allocation and growth, but there is … market participants alike. With sluggish growth, torn down market barriers and systemic change in the EU accession countries … the direction, magnitude, sustainability, institutional set-up of the finance-growth nexus (and which), becomes one of the …

We show that countries that take on more international risk are rewarded with higher expected consumption growth …. International risk is defined as the beta of a country's consumption growth with world consumption growth. High-beta countries hold … is negatively correlated with expected consumption growth. Therefore, uninsured shocks affect not only current growth …

The relationship between financial development and economic growth has received a lot of attention in the economic … literature in recent years. This literature has generally found that financial development has a strong positive effect on growth …. In this paper, we propose that the relationship between financial development and growth may not be uniform, but varies …