OECD Economics Department Working Papers
The views expressed in these papers are those of the author(s) and do not necessarily reflect those of the OECD or of the governments of its member countries.
- ISSN: 18151973 (online)
- https://doi.org/10.1787/18151973
Finance and Growth
Some Theoretical Considerations and a Review of the Empirical Literature
This paper aims at providing an overview of the theoretical considerations and a review of the empirical literature on the relationship between finance and growth. Section I describes the role of financial development in economic growth at the macro level, both theoretically and empirically. Section II examines the role of corporate finance in firm-level performance, especially focusing on the role of “internal funds” and “internal capital markets”. Section III presents a comparative analysis of financial systems, and analyses both the Asian crisis and the US venture capital phenomenon from this perspective. Section IV presents some policy implications and conclusions ...
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