The finance-growth nexus in crisis

被引：44

作者：

Breitenlechner, Max ^{[1
]}

Gaechter, Martin ^{[2
]}

Sindermann, Friedrich ^{[3
]}

机构：

[1] Univ Innsbruck, Dept Econ, A-6020 Innsbruck, Austria

[2] Oesterreich Nationalbank, Foreign Res Div, Vienna, Austria

[3] Natl Council Austria, Parliamentary Budget Off, Vienna, Austria

来源：

ECONOMICS LETTERS | 2015年 / 132卷

关键词：

Finance; Financial development; Growth; Banking crisis; Non-linearities; ECONOMIC-GROWTH; CREDIT BOOMS; DATABASE; CYCLES;

D O I：

10.1016/j.econlet.2015.04.014

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

While the literature on the finance-growth nexus suggests a positive link between financial development and economic growth, another strand of literature highlights the crucial role of credit growth for the occurrence and strength of financial and economic crises. In this paper, we link the two seemingly contradicting strands of the literature by a strong and robust empirical finding: While financial development is indeed positively linked to GDP p.c. growth in normal, non-crisis times, larger financial sectors lead to significantly worse economic outcomes in the case of a banking crisis. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：31 / 33

页数：3

共 15 条

[1]

[Anonymous], 2012, REASSESSING IMPACT F

[2] Too much finance? [J].