10 papers analyzed
These studies suggest financial development reduces external financing costs, increases economic growth, investment efficiency, and entrepreneurial activity, while also facilitating technology adoption and productive employment shifts.
Financial development plays a crucial role in economic growth by improving the efficiency of financial intermediation, reducing financing constraints, and fostering entrepreneurship. This synthesis examines the relationship between financial development and various economic outcomes, drawing on insights from multiple research papers.
Reduction of Financing Constraints:
Promotion of Entrepreneurship:
Efficiency of Investment:
Role of Financial Intermediaries:
Impact on Micro-Entrepreneurship:
Learning and Information Accumulation:
Cash Flow Sensitivity:
Influence on Corporate Social Responsibility (CSR):
Financial development significantly impacts economic growth by reducing financing constraints, promoting entrepreneurship, and enhancing investment efficiency. Financial intermediaries are pivotal in this process, and access to finance can shift labor from informal to formal sectors, boosting productivity. Additionally, financial development can support corporate social responsibility, contributing to sustainable economic development. Overall, the evidence underscores the importance of a well-developed financial system in fostering economic growth and development.
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