Graff, Michael; Karmann, Alexander - 2001 - Revised 1.2.2001
To clarify the causal links between financial activity and economic growth, three theoretical models are analyzed and a …, it is shown that during the 1980s finance was predominantly a supply-leading determinant of economic growth. Our analysis …-run levels but may reduce growth rates in the short run. Empirically, based on data for 93 countries during the 1980 90 period …