Finance,growth and crisis — A European perspective |
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Authors: | Adalbert Winkler |
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Institution: | 1. Centre for Development Finance, Frankfurt School of Finance & Management, Sonnemannstrasse 9-11, 60314, Frankfurt a.M., Germany
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Abstract: | The long-held truism that finance is always good for growth has been called into question by the global financial crisis. This article examines new evidence on the finance-growth nexus from a European perspective. More specifically, it compares the approach of many CESEE countries — i.e. financial deepening and integration via foreign banks — with that of the euro area, namely wholesale financial integration but without any instruments for crisis management. |
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