Finance-Led Growth in the OECD since the Nineteenth Century: How Does Financial Development Transmit to Growth?

• Main Authors: Madsen, Jakob B., Ang, James B.
• Other Authors: School of Humanities and Social Sciences
• Format: Article
• Language: English
• Published: 2016
• Subjects: financial development; productivity growth
• Online Access: https://hdl.handle.net/10356/84701; http://hdl.handle.net/10220/41914
• Institution: Nanyang Technological University

It is well established in the literature that financial development (FD) is conducive to growth, and yet the channels through which FD affects growth are not well understood. Using a unique new panel data set for 21 OECD countries over the past 140 years, this paper examines the extent to which FD t...