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|Title:||Explaining the Nonlinear Effects of Financial Development on Economic Growth|
|Issue Date:||2018-11-21 16:12:34 (UTC+8)|
|Abstract:||Using different indicators of financial development, recent empirical studies have discovered various patterns of nonlinearity in the relationship between financial development and economic growth. By adding consumption loans, which are nonproductive, into a standard model of asymmetric information, this paper generates a model that is able to replicate all possible nonlinear finance-growth relationships found in recent empirical studies.|
|Relation:||Journal of Economics, Vol. 97, No. 1, pp. 41-65|
|Appears in Collections:||[Department of Economics] Periodical Articles|
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