Finance and Growth : Some Theoretical Considerations and a Review of the Empirical Literature

Kotaro Tsuru

Organisation for Economic Co-operation and Development

关键词: financial constraint;    financial development;    Asian crisis;    financial systems;    venture capital;    growth;   

DOI  :  https://doi.org/10.1787/307832384453

学科分类：社会科学、人文和艺术（综合）

来源: OECD iLibrary

【 摘 要 】

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 ...