The effect of interest rate reforms on financial development is examined using a financial deepening model, and the causal relationship between financial development and economic growth is. Ghana, financial development, economic growth, credit, size of government. During the golden period of sixties, seventies and up to the mid eighties of. Use the free adobe acrobat reader to view this pdf file. Theory and a survey of evidence article pdf available in journal for studies in economics and econometrics 351. One factor that has accounted for the observed growth of financial systems in many countries number of institutions and size. An overview in recent years there has been substantial theoretical and.
Views and agenda article pdf available in journal of economic literature 352. Request pdf financial development and economic growth. Financial development and economic growth papers in the ssrn. In recent years there has been substantial theoretical and empirical work on the role that financial markets play in fostering economic growth and development. Indicators of financial structure, development, and soundness 1 i h g f e d c b a 12 11 10 9 8 7 6 5 4 3 2 available money and capital market instruments. An overview in recent years there has been substantial theoretical and empirical work on the role that financial markets play in. This paper examines the empirical relationship between longrun growth and financial development, proxied by the ratio between bank credit to the private. While financial inclusion is typically measured by ownership of an account by individuals, financial development is measured by macrolevel indicators, such as market capitalization of the stock market or a countrys ratio of credit to gross domestic product gdp. Financial development and economic growth jrc publications. Financial development and economic growth sciencedirect.