This paper investigates the impact of the financial integration process on economic growth. Specifically, in analysing such growth effects, the distinction is made between two growth channels—investment and productivity. Crucially, the analysis tests whether the effects of financial openness...

The paper focuses on real aspects of financial globalisation and financial depth. It surveys the literature on the effects of finance on productivity growth. Both the theoretical and the empirical analyses reach no clear consensus regarding the direct growth contribution of financial...

The aim of this paper is to discuss and to provide evidence for the existence of pecuniary knowledge externalities, considered here as the main cause of positive disequilibrium experience by downstream producers. The last effect, confirmed by the empirical analysis performed here, enriches the...

In the present contribution, I concentrate on the process of financial liberalization in a specific context of European economic and monetary integration. I implement de facto and de jure measures of financial liberalization and find that formal aspects of financial openness generate a strongly...

This paper investigates empirically the occurrence of pecuniary knowledge externalities at the sector level across European economies. The main results suggest that, although some sectors can be considered as playing a particularly important role as a source of pecuniary knowledge externalities...

The paper presents a new sectoral taxonomy that focuses on the existence of non-negligible external effects that derive from user--producer knowledge interactions. These are coupled with intermediate goods transactions, in a system of vertically integrated manufacturing and services sectors....