This paper examines the mainstream theories of "financial sustainability" and "financial development". It is suggested understanding "financial development" as the complex dynamic characteristics of the financial sector, which is formed under the influence of financial and economic policy...

This paper investigates the causes of the "vanishing effect of finance" detected in recent studies. The results highlight that the negative effect of the financial system on growth is mainly driven by advanced economies, whereas finance is still beneficial for income increases in developing...