Recent decades have seen the growth in the financialization of societies in much of the Anglo-Saxon world. While seen by some as a source of economic growth and dynamism, it has more recently raised concerns with evidence emerging that excessive growth in the financial sector can have a negative impact on economic growth. It is an important factor in the growth of income inequality and instability. Cecchetti and Kharroubi of the Bank of International Settlements have argued in their recent paper that there is a negative relationship between the rate of growth of finance and the rate of growth of total factor productivity.
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