Financial Innovation and Endogenous Growth

Stelios Michalopoulos, Luc Laeven, Ross Levine

NBER Working Paper No. 15356
Issued in September 2009

---- Acknowledgements -----

We thank Philippe Aghion and Peter Howitt for insightful conversations, Nick Coleman for helpful suggestions, and Lindsay Mollineaux for outstanding research assistance. We also thank seminar participants at Brown University, the University of Modena, and Collegio Carlo Alberto for useful comments. The views expressed in this paper are entirely those of the authors. They should not be attributed to the International Monetary Fund nor the National Bureau of Economic Research.

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