conclude that financing growth and investment out of foreign savings, while not impossible, is risky. …

over the deficit episode and its aftermath, growth is slower than when countries rely on domestic savings. The paper … concludes that financing growth and investment out of foreign savings, while not impossible, is risky. …

growth in Botswana from 1976-2014 by employing a multivariate causality model. Results reveal that it is chiefly investment … to Granger-cause investment. Economic growth Granger-causes investment and savings, both, in the short run and long run …. Further, only bank-related financial development is found to Granger-cause economic growth in Botswana. …

growth literature. We have discovered that the prevailing literature has, however, misinterpreted Schumpeter, which leads to … important variables of the finance and growth literature. Our empirical analysis above all supports Schumpeter’s view that … credit growth supports GDP growth while saving is irrelevant for credit growth and GDP growth. In sum, a correct …

economic growth. Based on panel data from 98 developed and developing countries, we show that for smooth economic development …, balanced growth of both the industrial and financial sectors is required. Our results are consistent with existing theoretical … relationship between financial development and economic growth …

This study discusses the current state of knowledge on the financial development and economic growth by reviewing the … economic development and that a sound and refined financial system encourages the efficiency of investment and economic growth … in a market economy. It is also observable that an inadequately functioning financial system can obstruct economic growth …

significantly lower aggregate volatility. This relationship is also highly non-linear starting from a low level of financial … development the reduction in aggregate volatility by financial deepening is far more significant than it is when the financial … market is more developed. We build a fully- edged neoclassical growth model with an endogenous financial market of credit …

growth …

system is an essential aspect of the growth process. We focus on one component of this evolution: the increasing importance … of equity markets as an economy grows. We develop a growth model where capital accumulation is financed externally …