Finance-growth nexus in economic development

206 p.The cause and effect relationship between financial development and economic growth is a controversial one. Economic theories do not yield a specification of an estimable equation or a well defined causality pattern for economic growth and the stage of financial development. The empirical evidences are also far from conclusive. This thesis takes a time series and a panel approach to investigate whether the intensity of financial intermediation promoted investment, efficiency and output in 20 economies at various income levels over the period 1965 to 2004.DOCTOR OF PHILOSOPHY (HSS