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Finance and Growth:Theory and Evidence Ross Levine

Finance and Growth: Theory and Evidence
Ross Levine* September 3, 2004
Abstract: This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the 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 is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth. The paper highlights many areas needing additional research. Key words: Financial Markets, Economic Development, Financial Institutions, Technological Change, Corporate Finance JEL Numbers: G0, O0

* Carlson School of Management, University of Minnesota and the NBER. 321 19th Avenue South,

Từ khóa: financial theory, financial growth, financial practices, financial intermediaries, markets matter, financial systems

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