Legal reforms drive growth for middle-income states – research

Climbing stairs

Financial systems do not drive growth in middle-income economies, but grow as a consequence of it, says research published by the Bank of Spain.

In Economic growth, institutional quality and financial development in middle-income countries, Laura Heras Recuero and Roberto Pascual González analyse the relation between these factors.

The authors find a positive relationship from economic growth to financial development, but not the other way around. In contrast, institutional quality and

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