Financial deepening, inclusive finance and economic growth: analysis based on endogenous growth theory

摘要

This article studies the relationship between financial development and economic growth from the perspectives of financial deepening and inclusive finance. The theoretical research expands the financial endogenous economic growth model, constructs the Hamilton function, using the first-order optimization condition to obtain explicit relationship between economic growth and financial development under balanced path. Theoretical research shows that financial deepening and inclusive finance are significant and stable in promoting economic growth.