Financial Growth and Economic Development

  • John H. Welch


An increased separation between saving and investment decisions, i.e. large increases in financial assets relative to tangible assets, is seen by many economists1 to be a necessary if not sufficient condition for the self-sustained growth of an economy. Over the last three decades extensive theoretical and empirical research has focused on the relationship of financial development and economic development.


Interest Rate Financial Market Financial Asset Capital Inflow Equity Financing 
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Copyright information

© John H. Welch 1993

Authors and Affiliations

  • John H. Welch
    • 1
  1. 1.Federal Reserve Bank of DallasUSA

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