Cover IMF Working Papers
Financial Development and Economic Growth: An Overview
Author: Mr. Mohsin S. Khan and Mr. Abdelhak S Senhadji
Series:
IMF Working Papers
Volume/Issue:
Volume 2000: Issue 209
Language:
English
Publication Date:
01 Dec 2000
DOI:
https://doi.org/10.5089/9781451874747.001
ISBN:
9781451874747
ISSN:
1018-5941
Pages:
24
Keywords:
WP; market securities; market condition; market imperfection; time variation; financial development; financial markets; growth; security market indicator; bond market capitalization; Financial sector development; Financial statistics; Market capitalization; Stock markets; Securities markets; Sub-Saharan Africa
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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In recent years there has been substantial theoretical and empirical work on the role that financial markets play in fostering economic growth and development. This paper provides a selective review of the literature, as well as new empirical evidence on the relationship between financial development and economic growth for a large cross-section sample of countries. While the results indicate that the effect of financial development on growth is positive, the size of the effect varies with different indicators of financial development, estimation method, data frequency, and the functional form of the relationship.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund