Michael Graff
Financial Development and Economic Growth - A New Empirical Analysis
ETH Zurich
paper describes tests hypotheses economic history concerning significance financial development determinant economic growth goes beyond existing studies drawing large panel data set covering 93 countries 197090 includes new proxy resource input financial system moreover interaction effects financial development catchingup well education considered finally clarify causal relationships twowave path model estimated shown 1970s 1980s finance significant predominantly supplyleading determinant growth