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Title: The changing face of financial development
Authors: Demetriades, Panicos O.
Rousseau, Peter L.
First Published: 17-Feb-2016
Publisher: Elsevier
Citation: Economics Letters, 2016, 141, pp. 87-90
Abstract: We provide evidence from a large number of countries which demonstrates the changing nature of the finance–growth nexus. Specifically, we show that financial depth is no longer a significant determinant of long-run growth. Instead we find evidence to suggest that certain financial reforms have sizeable growth effects, which can be positive or negative depending on how well banks are regulated and supervised.
DOI Link: 10.1016/j.econlet.2016.02.009
ISSN: 0165-1765
Version: Post-print
Status: Peer-reviewed
Type: Journal Article
Rights: Copyright © Elsevier 2016. After an embargo period this version will be an open-access article distributed under the terms of the Creative Commons Attribution-Non Commercial-No Derivatives License (, which permits use and distribution in any medium, provided the original work is properly cited, the use is non-commercial and no modifications or adaptations are made.
Description: The file associated with this record is under a 24 month embargo from publication in accordance with the publisher's self-archiving policy. The full text may be available through the publisher links provided above.
Appears in Collections:Published Articles, Dept. of Economics

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