We show that financial development has a non-monotonic effect on growth in the Rajan and Zingales (1998) and Fisman and … Love (2007) sample. Beyond a threshold, financially dependent industries and industries facing good growth opportunities …

economic growth that has accumulated over the past quarter-century. The bulk of the historical evidence suggests that financial … development a¤ects economic growth in a positive, monotonic way, yet recent research endeavors have provided useful and important … society, as well as the channels through which finance can slow down long-term growth. …

We find that an expansion of credit has a positive effect on per capita output growth only up to a point. Beyond this … threshold the impact of finance on growth is not statistically significant anymore. We show, however, that the estimated non … impact on growth in mature financial systems, and include the magnitude of financial cycles as well as the importance of non …

business. As a result idiosyncratic risk discourages entrepreneurial activity and hinders growth, with the effects being … and dispersion of productivity growth. …

countries, and why some countries diverge from the world technology frontier in terms of their per capita GDP levels or growth … in explaining cross-country growth performance and cross-country convergence and divergence, following Lucas … interacting financial development with macroeconomic variables such as average productivity or output volatility in growth and …

Union, volatile trends were recorded in the country in terms of both economic growth and financial performance. In the early … stages, lack of human capital and hard currency reserves prevented rapid economic growth and creation of welfare. The … priority was given to institutional reforms in order to achieve sustainable growth under low inflation and financial stability …

¤ects of bank competition on economic growth. We obtain them developing a dynamic, general equilibrium model of capital …