期刊名称：Discussion Papers / University of Leicester, Department of Economics
出版年度：2004
卷号：2004
出版社：Leicester
摘要：Using data from 72 countries for the period 1978-2000, we find that financial
development has larger effects on growth when the financial system is embedded
within a sound institutional framework. This is particularly true for poor
countries, where more finance without sound institutions is likely to fail in
delivering more growth. For these countries, we find that improvements in
institutions are likely to deliver much larger direct effects on growth than
financial development itself. They are also likely to have positive indirect
effects through the financial system, particularly when the latter is already
providing large amounts of credit to the private sector.
