The last five years have witnessed a resurgence of interest in the relationship between
financial intermediation and economic growth. This issue had been extensively studied …

Consumption is the largest component of GDP. Since the 1950s, the life cycle and the
permanent income models have constituted the main analytical tools to the study of …

An increase in the household debt to GDP ratio predicts lower GDP growth and higher
unemployment in the medium run for an unbalanced panel of 30 countries from 1960 to …

We use data from the World Bank Global Findex database for 2011 to analyze financial
inclusion in China, including comparisons with the other BRICS countries. We find a high …

We examine how financial market development affects technological innovation. Using a
large data set that includes 32 developed and emerging countries and a fixed effects …

The problem of high savings and low consumption of Chinese rural households has long
been a source of concern. The popularity of mobile payments may help alleviate this …

ECONOMISTS HOLD startlingly different opinions regarding the importance of the financial
system for economic growth. Walter Bagehot (1873) and John Hicks (1969) argue that it …

We investigate the determinants of capital structure choice by analyzing the financing
decisions of public firms in the major industrialized countries. At an aggregate level, firm …

Do well-functioning stock markets and banks promote long-run economic growth? This
paper shows that stock market liquidity and banking development both positively predict …

This paper examines the empirical relationship between long-run growth and financial
development, proxied by the ratio between bank credit to the private sector and GDP. We …