Finance and Growth: A Survey of the Theoretical and Empirical Literature

Abstract

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“…This in turn has produced an immense academic literature, both theoretical and empirical. As a result, there exist a large number of works offering extensive survey of literature of this subject (see, for instance, Levine, 1997, Tsuru, 2000, Eschenbach, 2004, Demirgüç-Kunt and Levine, 2008, Acaravci, OzturkandAcaravci, 2009and Choong and Chan, 2011. With a view to conserve space, we will only present a brief overview of the theoretical and empirical literature on finance-growth nexus in order to gain a better understanding of the issue.…”