Growth and Finance, European Integration and the Lisbon Strategy
Title: Growth and Finance, European Integration and the Lisbon Strategy
Publisher: Blackwell Publishing
Citation: Jcms-Journal of Common Market Studies, 2006, 44, 1, 77-112
This article considers the relationship between financial and technological integration in Europe. It finds that market-based financial systems support output growth, investment and total factor productivity (TFP) more than bank-based ones. It identifies three groups of countries and estimates the probability of transition between the groups. It finds that financial integration might be a necessary but not sufficient condition for moving towards the 'Lisbon benchmark'.
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