Robert G. King|Ross Levine
Finance and Growth: Schumpeter Might Be Right
University of Rochester|World Bank
present crosscountry evidence consistent schumpeters view financial system promote economic growth using data 80 countries 19601989 period various measures level financial development strongly associated real per capita gdp growth rate physical capital accumulation improvements efficiency economies employ physical capital predetermined component financial development robustly correlated future rates economic growth physical capital accumulation economic efficiency improvements