St Louis Fed: Financial innovation important for growth
A St Louis Federal Reserve paper published in August looks at the importance of financial development on economic development and finds technological innovation plays a large role in country growth.
Jeremy Greenwood, Juan Sánchez and Cheng Wang, the authors of the paper, use a costly state verification model of financial intermediation to measure intermediation spreads and the firm-size distribution from 1974 to 2004. The authors then compare results using cross-country interest-rate spreads
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