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Current Issues in Finance: An Overview of the Latest Developments of the financial world

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8 FINANCIAL DEVELOPMENT AND ECONOMIC PERFORMANCE I. INTRODUCTION During the past there decades it was a widespread opinion among economists that the development of the financial system had a positive influence on economic growth. During the eighties and early nineties, this view was further reinforced by the fact that the developing countries who had deregulated their financial system experienced impressively high growth rates. In the middle nineties, it was still argued that financial development was unquestionably the most important cause of economic growth, and that discussion on the issue was not even worthwhile (Miller, 1990). In the last decade, however, some economists started to challenge this widespread view. King and Levine (1993) argued that the previous literature had given too much importance to financial development as a determinant of economic growth. This change in opinion among economists was mostly due to the financial crises of most developing countries, which followed their financial liberalization. Demetriades and Hussein (1996), through time-series studies on DCs, provided the statistical evidence that financial development does not always contribute to economic growth, especially in the long-run. The purpose of this paper is to evaluate the conditions under which financial development is likely to boost economic growth, and when, on the contrary, it is likely to produce economic instability and financial crises. More precisely, it will argue that a well regulated financial system is essential if long-term economic growth is to be reached, and that financial liberalization in economically unstable countries is likely to bring more harm than good.

Anteprima della Tesi di Massimiliano Neri

Anteprima della tesi: Current Issues in Finance: An Overview of the Latest Developments of the financial world, Pagina 8

Tesi di Master

Autore: Massimiliano Neri Contatta »

Composta da 118 pagine.

 

Questa tesi ha raggiunto 1104 click dal 20/03/2004.

 

Consultata integralmente 6 volte.

Disponibile in PDF, la consultazione è esclusivamente in formato digitale.