Desarrollo financiero, riqueza y crecimiento económico

Mediterráneo económico, ISSN 1698-3726, Nº. 8, 2005 (Ejemplar dedicado a: Los retos de la Industria Bancaria en España), pags. 101-112 01/2005;
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Available from: Francisco González, Sep 29, 2015
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    ABSTRACT: For over a century, economists and policy makers have debated the relative merits of bank-based versus market-based financial systems. Recently, however, proponents of the legal-based view of financial development have argued that the century long debate concerning bank-based versus market-based financial systems is analytically vacuous. According to this view, the critical issue is establishing a legal environment in which both banks and markets can operate effectively. This paper represents the first broad, cross-country examination of which view of financial structure and economic growth is most consistent with the data.
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    ABSTRACT: We present cross-country evidence consistent with Schumpeter's view that the financial system can promote economic growth, using data on 80 countries over the 1960–1989 period. Various measures of the level of financial development are strongly associated with real per capita GDP growth, the rate of physical capital accumulation, and improvements in the efficiency with which economies employ physical capital. Further, the predetermined component of financial development is robustly correlated with future rates of economic growth, physical capital accumulation, and economic efficiency improvements.
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