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Discussion Paper Details

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Title: Demand-Driven Financial Development

Author(s): Gilles Saint-Paul

Publication Date: April 1995

Keyword(s): Crowding-Out, Deficits, Economic Growth, Financial Markets, Privatization and Saving

Programme Area(s): International Macroeconomics

Abstract: The historical record suggests that economic development is associated with the rise of the financial sector. This rise is often triggered by exogenous events such as large budget deficits generated by wars or the availability of large investment projects such as railroads. This paper discusses the role played by such demand factors in financial development and how they favour growth.

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Bibliographic Reference

Saint-Paul, G. 1995. 'Demand-Driven Financial Development'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=1160