Contribuciones del desarrollo financiero al crecimiento económicoaspectos teóricos y empíricos de largo plazo
- Buchieri, Flavio
- Pereyra, Alejandro
- Mancha Navarro, Tomás
ISSN: 1139-6148
Year of publication: 2012
Issue: 3
Type: Working paper
More publications in: Documentos de Trabajo (IAES, Instituto Universitario de Análisis Económico y Social)
Abstract
The present paper offers a review of the literature at international level about the links between the development of the financial system and the economic growth. The extensive literature on the subject attempts to explain both the role provided by financial intermediaries and their impacts in mitigating market frictions both in relation to the design of incentives and the reduction of restrictions on economic agents, affecting investment and savings rates, technological innovation and hence economic growth long run. In the second half of the paper, main empirical global results are presented, which support the aspects mentioned in the first part, and an analysis of the current debate about the recent crisis is provided.