The Association between Financial Development and Economic Development: A Review
African Journal of Business Management, Vol. 5, No. 35, pp. 13428-13434, December 2011
7 Pages Posted: 11 Jan 2012
Date Written: November 4, 2011
This paper presents an overview of the theoretical and related empirical literature on the association between financial system development and economic growth. It describes the role of financial system development in economic growth at the macro level, both theoretically and empirically. It also describes briefly the relationship of corporate finance and firm performance. It finally concludes the review and presents some policy implications in view of the reviewed literature.
Keywords: Financial development, growth, financial system
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