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Applied Economics Letters Volume 14, 2007 - Issue 1
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Original Articles

Does financial development precede growth? Robinson and Lucas might be right

Hyoungsoo Zang Department of Economics and Finance, Hanyang University, Seoul 133-791, KoreaCorrespondence[email protected]
&
Young Chul Kim World Bank, Washington, DC 20433, USA
Pages 15-19 | Published online: 13 Dec 2006

References

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  • Blomström , M , Lipsey , RE and Zejan , M . 1996 . Is fixed investment the key to economic growth? . Quarterly Journal of Economics , 109 : 269 – 76 .
  • Carroll , CD and Weil , DN . 1994 . Savings and growth: a reinterpretation . Carnegie-Rochester Conference Series on Public Policy , 15 : 133 – 92 .
  • Chang , T . 2002 . Financial development and economic growth in mainland China: a note on testing demand-following or supply-leading hypothesis . Applied Economics Letters , 9 : 869 – 73 .
  • Harvey , AC . 1990 . The Econometric Analysis of Time Series, , 2nd edn , Cambridge, MA : The MIT Press .
  • King , RG and Levine , R . 1993 . Finance and growth: Schumpeter might be right . Quarterly Journal of Economics , 108 : 717 – 38 .
  • Levine , R , Loayza , N and Beck , T . 2000 . Financial intermediation and growth: causality and causes . Journal of Monetary Economics , 46 : 31 – 77 .
  • Lucas , RE Jr . 1988 . On the mechanics of economic development . Journal of Monetary Economics , 22 : 3 – 42 .
  • Mazur , E and Robert , AW . 2001 . Financial sector development and economic growth in New Zealand . Applied Economics Letters , 8 : 545 – 9 .
  • Rajan , RG and Zingales , L . 1998 . Financial dependence and growth . American Economic Review , 88 : 559 – 86 .
  • Robinson , J . 1952 . “ The generalization of the general theory ” . In The Rate of Interest and Other Essays , London : MacMillan .

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