operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the … preponderance of evidence suggests that both financial intermediaries and markets matter for growth and that reverse causality alone … economic growth. The paper highlights many areas needing additional research. …

This paper proposes and empirically validates four theories of why legal origin influences growth and welfare through … finance. It is a natural extension of "Law and finance: why does legal origin matter?" by Thorsten Beck, Asli Demirgüç …) hypotheses that English common-law countries tend to have better developed financial intermediaries than French civil-law …

This paper investigates empirically whether the relation between finance and growth depends on a specific type of … indicates that high levels of finance are negatively related to economic growth. In contrast, financing of corporates is largely … market financing, debt or equity financing - seems to be particularly harmful or beneficial for growth. …