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Finance and growth: evidence

Many thanks to Guglielmo Volpe for all his work in initiating this page. Updated May 2006. See also the references on theory and stock markets. For a more up-to-date set of references, see Yongfu Huang’s Financial Development Resources.

Arestis, P.and Demetriades, P. O. (1997). Financial development and economic growth: assessing the evidence. Economic Journal, 107, 783-799.

Beck, T., A. Demirguc-Kunt, and Ross Levine (2000). A new database on the structure and development of the financial sector. World Bank Economic Review, September, 14(3), 597-605.

Beck, T., Ross Levine and Norman Loayza (2000). Finance and the sources of growth. Journal of Financial Economics, October-November, 58(1-2), 261-300.

Benhabib, Jess and Mark M. Spiegel (2000). The role of financial development in growth and investment. Journal of Economic Growth, December, 5(4), 341-360.

Berthelmy, J. C. and Varoudakis, A. (1996). Thresholds in financial development and economic growth. The Manchester School (Supplement), 70-84.

Berthelmy, J. C. and Varoduakis, A. (1996). Economic growth, convergence clubs, and the role of financial development. Oxford Economic Papers, 48, 300-328.

Boyd, J. H., Levine, Ross and Smith, Bruce D. (2001). The impact of inflation on financial sector performance. Journal of Monetary Economics, April, 47(2), 221-248.

De Gregorio, J. and Guidotti, P. E. (1995). Financial development and economic growth. World Development, 23, 433-448.

Demetriades, P. O. and Hussein, K. A. (1996). Does financial development cause economic growth? Time-series evidence from 16 countries. Journal of Development Economics, 51, 387-411.

Demetriades, P. O. and Luintel, K. B. (1996). Financial development, economic growth and banking sector controls: evidence from India. Economic Journal, 106, 359-374.

Jayaratne, J. and Stahan, P. E. (1996). The finance-growth nexus: evidence from bank branch deregulation. Quarterly Journal of Economics, 111, 639-670.

Jung, W. S. (1986). Financial development and economic growth: international evidence. Economic Development and Cultural Change, 34, 333-346.

King, R. G. and Levine, R. (1992). Financial indicators and growth in a cross section of countries. World Bank Policy Research Working Paper no. 819.

King, R. G. and Levine, R. (1993). Finance and growth: Schumpeter might be right. Quarterly Journal of Economics, 108, 717-737.

King, R. G. and Levine, R. (1993). Financial intermediation and economic development. In C. Mayer and X. Vives (eds.) Capital markets and financial intermediation, Cambridge: Cambridge University Press, pp. 156-189.

Levine, Ross (1997). Financial development and economic growth: views and agenda. Journal of Economic Literature, 35, 688-726.

Levine, Ross (1999). Law, finance, and economic growth. Journal of Financial Intermediation, January-April, 8(1-2), 8-35.

Levine, Ross, Norman Loayza and T. Beck (2000). Financial intermediation and growth: causality and causes. Journal of Monetary Economics, August, 46(1), 31-77.

Odedokun, M. O. (1996). Alternative econometric approaches for analysing the role of the financial sector in economic growth: time-series evidence from LDCs. Journal of Development Economics, 50, 119-146.

Trew, Alex W. (2006). Finance and growth: a critical survey CDMA Working Paper Series 0507, University of St. Andrews.

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