The Macroeconomic Consequences of Financial Imperfections
This chapter discusses the macroeconomic consequences of financial imperfections through the set of empirical models used in this literature dealing with the finance–growth nexus. It discusses the instrumental variable technique for the assessment of the direction of causality between banking to growth and the channels involved in such. The evidence section introduces and summarizes the papers investigating banks and growth, the direction of causality, and the role financial markets play in addition.
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