Efficacité des systèmes financiers et développement économique

This paper surveys the theoretical and empirical relationship between economic growth and financial systems. Firstly, the existence of financial systems has a positive effect on growth because it increases the insurance against the illiquidity of real investment, the diversification of technological risk and the informations on investment projects. But informational asymmetries creates market imperfections which decreases economic growth. The costs and benefits for fostering growth of financial intermediation versus financial markets are also investigated, in particular, for their ability to control investment projects and to avoid a potential bias for short term projects. Finally, the econometric evaluations of the relationship between growth and finance are presented.