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Financial Systems, Economic Growth, and Globalization
Open accessAbstract
This chapter, which explores the links between domestic financial development, domestic growth, and international financial market integration, begins with a discussion of the meaning of a good or well-functioning financial system. Next, it develops several historical case studies of countries that built such systems early in their modern economic histories: the Netherlands, Great Britain, the United States, France, Germany, and Japan. For each case, the chapter considers when and how a modern financial system emerged, how it contributed to economic growth, and what relationship it had to the country's participation in international finance. With some lessons of financial history drawn from the cases in mind, it investigates the finance–growth nexus, and the finance–growth–globalization nexus. After discussing data sources and methodological considerations, econometric results and conclusions are presented. A commentary is also included at the end of the chapter.
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Citations
Cites
Financial Development, Growth, and the Distribution of Income
Greenwood, J., & Jovanovic, B. (1990) · Journal of Political Economy · doi:10.1086/261720 · Cited by 2,469
Equity markets and growth: Cross-country evidence on timing and outcomes, 1980–1995
Rousseau, P. L., & Wachtel, P. (2000) · Journal of Banking & Finance · doi:10.1016/s0378-4266(99)00123-5 · Cited by 772
Self-citation
Cited by
Does financial liberalization spur growth?
BEKAERT, G., HARVEY, C., & LUNDBLAD, C. (2005) · Journal of Financial Economics · doi:10.1016/j.jfineco.2004.05.007 · Cited by 2,012
Wages and Human Capital in the U.S. Finance Industry: 1909–2006*
Philippon, T., & Reshef, A. (2012) · The Quarterly Journal of Economics · doi:10.1093/qje/qjs030 · Cited by 521
ICT diffusion, financial development, and economic growth: An international cross-country analysis
Cheng, C.-Y., Chien, M.-S., & Lee, C.-C. (2021) · Economic Modelling · doi:10.1016/j.econmod.2020.02.008 · Cited by 457
The long-run determinants of inequality: What can we learn from top income data?
Roine, J., Vlachos, J., & Waldenström, D. (2009) · Journal of Public Economics · doi:10.1016/j.jpubeco.2009.04.003 · Cited by 438
Globalization in Historical Perspective
Bordo, M. D., Taylor, A. M., & Williamson, J. G. (2003) · University of Chicago Press eBooks · doi:10.7208/chicago/9780226065991.001.0001 · Cited by 297
Metadata
- Authors
- Rousseau, P. L., & Sylla, R.
- Venue
- Globalization in Historical Perspective
- Publisher
- University of Chicago Press
- Published
- 2003
- Pages
- 373-416
- OpenAlex
- W3123647738
- Cited by
- 210
- References
- 2
- FWCI
- 47.35
- Type
- book chapter
- Language
- en
- Open access
- green
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