Oxford Review of Economic Policy volume 17, issue 4, P467-482 2001 DOI: 10.1093/oxrep/17.4.467 View full text
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R. G. Rajan

Abstract: How does the development of the financial sector affect industrial growth? What effect does it have on the composition of industry, and the size distribution offirms? What is the relative importance offinancial institutions and financial markets, and does it depend on the stage of economic growth? How do financial systems differ in their vulnerability to crisis? This paper attempts to provide an answer to these questions based on the current state of empirical research.