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We present a survey of the finance-growth nexus that raises a number of qualifications to the mainstream interpretation. Doubts regarding empirical consensus are investigated and we consider the prevalence of cross-section econometrics as dominant in shaping the present theoretical consensus. To...
Persistent link: https://www.econbiz.de/10005807918
We develop a parsimonious finance and endogenous growth model with microeconomic frictions in entrepreneurship and a role for credit constraints. We demonstrate that though an efficiency-growth relation will always exist, the efficiency-depth-growth relation may not. This has implications for...
Persistent link: https://www.econbiz.de/10005807921
That financial matters did not constrain industrial takeoff in the UK is generally accepted in the historical literature; in contrast, contemporary empirical analyses have found evidence that financial development can be a causal determinant of economic growth. We look to reconcile these findings...
Persistent link: https://www.econbiz.de/10005061485
There is a large and growing literature on the relationship between financial development and economic growth. It suggests a positive causal link running from finance to growth. We consider, in broad terms, the existing historical evidence on this connection. We demonstrate that constraints on...
Persistent link: https://www.econbiz.de/10005696951
Persistent link: https://www.econbiz.de/10010212785
We develop a parsimonious finance and endogenous growth model with microeconomic frictions in entrepreneurship and a role for credit constraints. We demonstrate that though an efficiency-growth relation will always exist, the efficiency-depth-growth relation may not. This has implications for...
Persistent link: https://www.econbiz.de/10014225491
consumption, which had always existed in the countryside, in some places rural industries aimed at non-local markets developed as …
Persistent link: https://www.econbiz.de/10011259839
resembled the North Italian commune experience. Our exploration uncovers experiences of urban autonomy in South Italy, that so …
Persistent link: https://www.econbiz.de/10013405131
organization of markets. We argue that the relative ease of trade and communication combined with economic competition between …
Persistent link: https://www.econbiz.de/10010837332
Italy has been characterized, throughout its history as a unified country, by large regional differentials in the … international markets are introduced, the South does not appear to lag behind. Regression analysis confirms that market potential is … period mattered far more for growth than the international markets, casting new light on one of the classical explanations to …
Persistent link: https://www.econbiz.de/10011281977