Summary of Finance and Inclusive Growth

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Finance and Inclusive Growth summary
The massive growth of credit and equity markets in OECD countries has opened up an unintended can of worms.


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The massive upsurge in private sector credit and stock market capitalization in OECD countries in recent decades has been both a blessing and a bane. While the increased availability of debt and equity finance can help promote economic output, too much of a good thing can quickly become bad. OECD economists Boris Cournède, Oliver Denk and Peter Hoeller investigate this tendency and offer essential insights into the complex interplay of finance and the real economy, which getAbstract suggests to policy makers, financial professionals and regulators.

In this summary, you will learn

  • How growth in credit and stock markets in OECD countries has been both good and bad,
  • How this expansion affects economic growth and income inequality, and
  • What policy makers can do to encourage responsible practices among financial institutions.


In OECD countries, equity markets’ capitalization and credit extended to the private sector have tripled relative to GDP since the 1960s and 1970s, respectively, with both positive and negative impacts. The constructive effects include the productive allocation of capital, enhanced international trade...
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About the Authors

Boris Cournède, Oliver Denk and Peter Hoeller are OECD economists.

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