Los modelos económicos que analizan el crecimiento hacen un fuerte hincapié en el efecto positivo de la acumulación del capital sobre el desarrollo de las economías. Para ello, deben existir mercados de capitales desarrollados que canalicen adecuadamente los ahorros hacia la inversión. Los...

This paper reviews the literature on the finance-growth nexus within a neoclassical growth framework, placing an emphasis on the policy implications in the current European environment, that has placed financial reforms high on the policy Agenda. While more research is needed to establish...

This paper discusses the link between financial development and macroeconomic volatility by exploring some of the ways through which financial development may affect business cycle fluctuations. To be specific, we examine whether stock market development exerts an unambiguous effect on...

Recent empirical OECD studies provide new empirical evidence confirming that financial development is closely linked to economic growth in OECD countries. Using new dynamic panel regression techniques, these appraisals indicate that within the group of high income countries stock market size as...

This paper seeks to add to the current debate about financial development and growth in the emerging world by looking at how different financial systems evolve: how and why financial structures change during various stages of development, how best to measure them, and seeing what practical...

This paper seeks to add to the current debate about financial development and growth in the emerging world by looking at how different financial systems evolve: how and why financial structures change during various stages of development, how best to measure them, and seeing what practical...

The literature on the finance-growth nexus highlights the importance of the financial cycle for the estimation of potential output of an economy. We estimate potential output growth for the G-5 countries, as well as for 10 high- and middle-income Asian economies, using a multivariate model that...