Financial system structure and economic growth: Structure matters

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Does too much finance harm economic growth (2014, background): “In low-income economies, the effect of finance on output growth occurs through capital accumulation Shen and Lee (2006) 48 Developed and developing countries Panel data (1976–2001) Pooled OLS Non-linear inverse U-shaped relationship between finance (stock market variables) and economic growth; Bank ”
Institutional quality thresholds and the finance Growth nexus. (2013, background): “Shen and Lee (2006), Ergungor (2008), Hung (2009) and Cecchetti and Kharroubi (2012) also discovered patterns of nonlinearity in the relationship between financial development and growth.3 In general, all these papers suggested that a well-developed financial market is both growth-enhancing and…”
Nonlinearities in financial development–economic growth nexus: Evidence from sub-Saharan Africa (2017, methodology): “By relying on two-stage least squares with heteroskedasticity-consistent standard errors, Ergungor (2008) examined the threshold effects of financegrowth nexus relying on data from 46 developed and developing countries over the period 1980 to 1995.”
Finance and Growth: Time Series Evidence on Causality (2015, background): “Both of his hypotheses, as well as possible interactions between them, have been further developed by, among others, Greenwood and Jovanovic (1990), Levine (1991), Bencivenga and Smith (1991), Greenwood and Smith (1997), Blackburn and Hung (1998).”