Theoretical perspectives of financial development and financial integration
- Author: United Nations
- Main Title: Assessing Regional Integration in Africa III , pp 103-135
- Publication Date: January 2009
- DOI: https://doi.org/10.18356/a1e0ca85-en
- Language: English
The economic literature posits that a well-functioning economy needs a financial system that moves funds from people who save to people who have productive investment opportunities. In other words, a sound financial system acts as a conduit for sustainable economic growth. The link between financial development and growth was first demonstrated in the literature by Walter Bagehot (1873) and John Hicks (1969), who pointed out that industrialization of England was possible because of the use of the financial system to mobilize productive financial capital.
© United Nations
ISBN (PDF):
9789210598804
Book DOI:
https://doi.org/10.18356/3a3baf86-en
Related Subject(s):
International Trade and Finance
Sustainable Development Goals:
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