TSL have an adverse effect on both TFP and output growth. Finally, the effect of WPR and TSL on the business cycle (shock …/output growth and the shock propagation mechanism results to provide strong evidence that Greece and to a lesser extent Spain and …

spur a declining economic growth. Incidentally, this work questions the issue of measuring economic regularities through … the empirical literature on the finance-growth nexus. It highlights an array of statistical issues casting serious doubts … expansion and economic growth is non-linear. However, our estimates document an overall negative effect of expanding credit to …