Impact of the Financial System on Economic Growth in Transition Economies
In this article the analysis of the relationship between financial system and economic growth is provided. This relationship is considered as a part of general interrelation between finance and economic development. The channels and long-run mechanisms of impact of the financial system on economic growth are considered. Comparison of finance and growth theories bring us to conclusion that financial intermediation is implicitly included into AK-type models of endogenous growth, as well as into the exogenous models.