The paper is a survey of theoretical and empirical approaches applied to analyze the impact of financial system on economic growth. The key issues of the modern theories of the finance-growth nexus are discussed and the theories are classified on the basis of the methodology they rely on. The...

The objective is to examine the determinants of the relationship between insurance growth and economic development. This paper contributes to this body of research by providing an extensive literature review of empirical studies that have looked at both sides of the relationship, i.e. the demand...

This study discusses the current state of knowledge on the financial development and economic growth by reviewing the most decisive theoretical and empirical contributions. It is obvious that financial development is at least correlated with economic development and that a sound and refined...

This paper aims to test jointly two economic puzzles: the effect of financial development and Information and Communication Technology (ICT) on economic growth. Theories predict a positive effect of financial development and ICT on growth but empirical studies on these relationships produced...

This paper contributes to the empirical literature on the non-trivial relationship between financial development and 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...

Many consider microfinance as a tool for poverty decrease. Even more, especially in post-conflict countries such as Kosovo, micro-financial institutions are seen as an opportunity of reconciliation. This paper explores the implication of microfinance in Kosovo since the war ended, evaluating its...

Joseph A. Schumpeter is one of the most famous economists of the 20th century and the ’patron saint’ of the finance and growth literature. We have discovered that the prevailing literature has, however, misinterpreted Schumpeter, which leads to puzzling empirical results and difficulties in...

This article aims to analyze the possibilities of the accumulation and mobilization of savings and their role in the economic development of the Republic of Azerbaijan. Currently, the national economic growth is mostly based on the resource components; crude oil, natural gas and oil products....

This paper evaluates the dynamic causal relationship between financial development, savings, investment and economic growth in Botswana from 1976-2014 by employing a multivariate causality model. Results reveal that it is chiefly investment that drives the bank-related and stock exchange-based...

Selection into self-employment among the poor is dominated by subsistence concerns, which leads to high levels of unproductive self-employment in developing countries. We incorporate this view into an otherwise benchmark macro-development model by allowing for labor frictions. Standard models...