Non-linearities in the relationship between finance and growth

Panizza, Ugo

Geneva : The Graduate Institute, International Economics Department, 2017 . - 13 p. : ill.

Graduate Institute of International and Development Studies Working Paper ; 12/2017

Abstract: This paper reviews the empirical literature on the links between finance and growth with a special focus on the empirical literature that has shown that the marginal contribution of financial depth to economic growth becomes negative in countries with large financial sectors (the "too much finance result"). It then assesses the empirical and theoretical validity of recent criticisms to this literature and concludes by discussing avenues for future research aimed at identifying the channels through which a very large financial sector can slow down economic growth.

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 Record created 2017-06-08, last modified 2017-06-08


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