Financial Development and Economic Growth in Latin America: Schumpeter is Right!

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Financial Development and Foreign Direct Investment—The Moderating Role of Quality Institutions (2020, background): “Some researchers have endeavored to combine multiple proxies taken from banking sector indicators or stock market indicators, or a combination of both, using principal component analysis to make a better representation [57].”
Government Debt and Economic Growth (2013, background): “Financial development encourages growth by improving investment savings allocation and promoting innovation activities (Levine, 2005; Bittencourt, 2010).”
The Impact of Financial Development and Trade on the Economic Growth of Bolivia (2012, background): “Moreover, Bittencourt (2010) analyzes the period 1980- 2007 for a set of four Latin American countries, including Bolivia, and based on panel time-series data confirms the Schumpeterian prediction which suggests that finance authorizes the entrepreneur to invest in productive activities, and…”