This paper reviews the evolving literature that links financial development, financial crises, and economic growth in the past 20 years. The initial disconnect -- with one literature focusing on the effect of financial deepening on long -- run growth and another studying its impact on volatility and crisis—has given way to a more nuanced approach that analyzes the two phenomena in an integrated framework. The main finding of this literature is that...
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2017/11/07
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Documento de trabalho sobre pesquisa de políticas
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WPS8237
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1
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1
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2017/11/07
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Disclosed
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Financial development, growth, and crisis: is there a trade-off ?
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financial liberalization
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