Finance and Growth Some Theoretical Considerations and a Review of the Empirical Literature / [electronic resource]:
Kotaro Tsuru
- Paris : OECD Publishing, 2000.
- 53 p. ; 21 x 29.7cm.
- OECD Economics Department Working Papers, no.228 18151973 ; .
- OECD Economics Department Working Papers, no.228. .
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 ...