TAILIEUCHUNG - Financial development and economic growth

Levine explains what the financial system does and how it affects, and is affected by, economic growth. Theory suggests that financial instruments, markets, and institutions arise to mitigate the effects of information and transaction costs. A growing literature shows that differences in how well financial systems reduce information and transaction costs influence savings rates, investment decisions, technological innovation, and long-run growth rates. A less developed theoretical literature shows how changes in economic activity can influence financial systems. Without minimizing the role of institutions, Levine advocates a functional approach to understanding the role of financial systems in economic growth. This approach. | Financial development and economic growth Views and agenda Ross Levine Journal of Economic Literature Jun 1997 35 2 ABI INFORM Global pg. 688 Journal of Economic Literature Vol. XXXV June 1997 pp. 688-726 Financial Development and Economic Growth Views and Agenda Ross Levine University of Virginia Ỉ thank without implicating Gerard Caprio Maria Carkouic David Cole Robert Cull. William Easterly Mark Gertler. Fabio Schianfarelli Mary Shirley Bruce Smith and Kenneth Sokoloff for criticisms guidance and encouragement. This paper was written while I was at the World Bank. Opinions expressed are those of the author and do not necessarily reflect the views of the World Bank its staff or member countries. Does finance make a difference . . Raymond Goldsmith 1969. p. 4 8 I. Introduction Goals and Boundaries Economists hold startlingly different opinions regarding the importance of the financial system for economic growth. Walter Bagehot 1873 and John Hicks 1969 argue that it played a critical role in igniting industrialization in England by facilitating the mobilization of capital for immense works. Joseph Schumpeter 1912 contends that well-functioning banks spur technological innovation by identifying and funding those entrepreneurs with the best chances of successfully implementing innovative products and production processes. In contrast Joan Robinson 1952 p. 86 declares that where enterprise leads finance follows. According to this view economic development creates demands for particular types of financial arrangements and the financial system responds automatically to these demands. Moreover some economists just do not believe that the finance-growth relationship is important. Robert Lucas 1988 p. 6 asserts that economists badly over-stress the role of financial factors in economic growth while development economists frequently express their skepticism about the role of the financial system by ignoring it Anand chandavarkar 1992 . For example a collection of essays by

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